Texas Insurance Code 402.051 – Acquisitions and Dispositions Considered Material
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Terms Used In Texas Insurance Code 402.051
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
For purposes of this chapter, an acquisition, or the aggregate of a series of related acquisitions during a 30-day period, or a disposition, or the aggregate of a series of related dispositions during a 30-day period, is material if it:
(1) is not recurring;
(2) is not in the ordinary course of business; and
(3) involves more than five percent of the reporting insurer’s or health maintenance organization’s total admitted assets as reported in the insurer’s or health maintenance organization’s most recent statutory statement filed with the department.