(a) Notwithstanding Sections 424.051, 424.056-424.071, and 424.074, the commissioner may waive a quantitative limitation on any investment authorized by those laws if:
- (1) the insurer seeks the waiver before making the investment;
- (2) a hearing is held to determine whether the waiver should be granted;
- (3) the applicant seeking the waiver establishes that unreasonable or unnecessary loss or harm will result to the insurer if the commissioner denies the waiver;
- (4) the excess investment will not have a material adverse effect on the insurer; and
- (5) the size of the investment is reasonable in relation to the insurer's assets, capital, surplus, and liabilities.
- (b) The commissioner's waiver must be in writing and may treat the resulting excess investment as a nonadmitted asset.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.