{"data":{"id":"us-tx/tex.-insurance-code-828.056","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 828.056","heading":"REQUIRED EFFECTIVE DATE OF REINSURANCE AGREEMENT; EFFECT OF FAILURE TO MEET REQUIRED EFFECTIVE DATE.","body":"(a) The reinsurance agreement must take effect on or before December 31 of the second year after the earlier of the year in which the initial purchase of shares is made or the year in which the initial contract to purchase is executed unless the commissioner for good cause shown extends that period.\n(b) If the reinsurance agreement does not take effect within the period finally determined and extended by the commissioner, the purchasing company shall sell or otherwise dispose of the purchased shares that exceed the investment limitations imposed under Subchapter C or D, Chapter 425, within six months of the final effective date.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.\nAmended by:\nActs 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.017, eff. April 1, 2009.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE B. ORGANIZATION OF REGULATED ENTITIES","CHAPTER 828. PURCHASE OF STOCK FOR TOTAL ASSUMPTION REINSURANCE","SUBCHAPTER B. EXCEPTION TO INVESTMENT LIMITATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.828.htm#828.056","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"db9974eebcd78733d51d9e3c961f748923bf38a984fe4420d54b6f8330d436e6","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-828.055","next":"us-tx/tex.-insurance-code-828.057"},"notice":"GroundRules: Original legal text. Not legal advice."}