Texas Insurance Code 823.206 – Additional Information About Acquiring Organization
(a) If the person required to file the statement under § 823.154 is a partnership, limited partnership, syndicate, or other group, the commissioner may require that the information required for an individual under this subchapter be given with respect to:
(1) each person who is a partner of the partnership or limited partnership or a member of the syndicate or group; and
(2) each person who controls a person described by Subdivision (1).
(b) If the person required to file the statement under § 823.154 or the person with respect to whom information is required under Subsection (a) is a corporation, the commissioner may require that:
(1) the information required under this subchapter be given with respect to that corporation; and
(2) the information required for an individual under this subchapter be given with respect to:
(A) each executive officer and director of that corporation; and
(B) each person who is directly or indirectly the beneficial owner of more than 10 percent of the outstanding voting securities of that corporation.
Terms Used In Texas Insurance Code 823.206
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005