| (B) with respect to the person whose control is denied
and all affiliates of the person, the number and percentage of shares
of the subject's voting securities which are held of record or known
to be beneficially owned, and the number of shares concerning which
there is a right to acquire, directly or indirectly;
(C) all material relationships and bases for affiliation
between the subject and the person whose control is denied and all
affiliates of the person; and
(D) a statement explaining why the person should not
be considered to control the subject.
(3) The applicant must simultaneously furnish a copy
of any disclaimer filed with the commissioner to the insurer, if the
affected insurer is not a party to it. The insurer must, within 15
business days after receipt, unless the time is extended by the commissioner
for good cause, respond to the matters raised in the disclaimer.
(4) The applicant of a disclaimer which has been allowed
must notify the commissioner within 15 days after the end of the month
if any information constituting the basis for the disclaimer is incomplete,
inaccurate, or no longer accurate. The commissioner may disallow the
disclaimer for failure to provide the information.
(5) After a disclaimer has been filed, the insurer
is relieved of the duty to register or report under subsection (a)
of this section which may arise out of the insurer's relationship
with the person unless and until the commissioner disallows the disclaimer.
If the commissioner disallows a disclaimer, the party who filed the
disclaimer may request an administrative hearing which must be granted
by the commissioner.
(6) After a disclaimer of control or affiliation has
been filed by any person, any acquisition, in any manner, directly
or indirectly, of a voting security of the domestic insurer by the
person is subject to the Act, in the absence of the filing within
15 days after the end of the month in which the acquisition of an
additional voting security occurs, of an amendment makes current the
disclaimer of control or affiliation previously filed under this subsection.
(n) Violations. The failure to file a registration
statement or any amendment to a Form B (relating to Registration Statement)
or Form F (relating to Enterprise Risk Report) within the time specified
for the filing is a violation of this section.
(o) Dividends and distributions. Each registered insurer
must, by personal delivery, by facsimile, or by mail addressed to:
Financial Analysis, Mail Code 303-1A, Texas Department of Insurance,
P.O. Box 149104, 333 Guadalupe, Austin, Texas 78714-9104, provide
notice to the commissioner of all dividends and other distributions
to shareholders under Insurance Code §823.053 in Form E (relating
to Notice of Dividend or Distribution) and the notice is deemed an
amendment to the registration statement without further action or
filing. Prepayment notices will be considered promptly. Each prepayment
notice must be accompanied by documentation supporting each of the
standards specified in Insurance Code, §823.008, unless the documentation
has previously been provided during the current calendar year and
the person to whom the documentation was sent is identified. Dividends
and distributions must be reviewed by the commissioner and, if the
standards in the Act, §823.008 are not met, the commissioner
will take appropriate action, including, but not limited to, that
provided under Insurance Code §§82.001 - 82.056, 83.001
- 83.153 and Chapters 403, 404, 441, and 443. All reported dividends
and distributions must be reviewed annually in the registration statement
filed under §7.210 of this title. See §7.204(d) of this
title for requirements regarding extraordinary dividends and distributions.
|
| Source Note: The provisions of this §7.203 adopted to be effective January 1, 1976; amended to be effective November 30, 1984, 9 TexReg 5926; amended to be effective April 29, 1988, 13 TexReg 1761; amended to be effective April 13, 1992, 17 TexReg 2273; amended to be effective July 14, 1994, 19 TexReg 5098; amended to be effective May 15, 1996, 21 TexReg 3798.; amended to be effective May 5, 2002, 27 TexReg 3559; amended to be effective May 26, 2013, 38 TexReg 3033 |
