(a) An insurer that ceases to control a subsidiary shall dispose of any investment in the subsidiary made under this subchapter before the third anniversary of the date the insurer ceases to control the subsidiary, unless:
(1) at any time after the investment is made the investment qualifies for investment under another provision of this code; and
(2) the insurer notifies the commissioner of that qualification.
(b) The commissioner may extend the period under Subsection (a) during which disposition is required.