For purposes of this division:
(1) control is presumed to exist if any individual
or entity, directly or indirectly, owns, controls, holds with the
power to vote or holds irrevocable proxies representing, 10 percent
or more of the voting securities or authority of any other individual
or entity;
(2) this presumption may be rebutted by a showing made
in the manner provided by Insurance Code §823.010 that control
does not exist in fact; and
(3) the commissioner may determine, after furnishing
all interested parties notice and opportunity for hearing and making
specific findings of fact to support the determination, that control
exists in fact where an individual or entity exercises directly or
indirectly, either alone or pursuant to an agreement with one or more
other individuals or entities, such a controlling influence over the
management or policies of an authorized HCC as to be deemed to control
the HCC.
|