1. (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. (1) at any time after the investment is made the investment qualifies for investment under another provision of this code; and
   2. (2) the insurer notifies the commissioner of that qualification.
2. (b) The commissioner may extend the period under Subsection (a) during which disposition is required.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.