Texas Insurance Code 823.053 – Reporting Material Changes
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(a) To keep the information required to be disclosed in a registration statement filed under § 823.052 current, a registered insurer shall report each material change to the information, including the addition of information, not later than the 15th day after the last day of the month in which the insurer learns of the change.
(b) Subject to § 823.107, each registered insurer shall report each dividend or distribution made to the shareholders not later than the earlier of:
(1) the second business day after the date the dividend or distribution is declared; or
(2) the 11th day before the date of payment.
Terms Used In Texas Insurance Code 823.053
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Month: means a calendar month. See Texas Government Code 312.011
(c) For purposes of this section, reports are considered to be made when received by the department.
(d) Reports made under this section are for informational purposes only.
(e) An insurer is not required to report under this section a transaction that is approved under § 823.103. That approval is considered to be an amendment of the registration statement filed under § 823.052 without being reported under this section.