SECTION 13.452. Determination of Control

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.

Source Note: The provisions of this §13.452 adopted to be effective March 31, 2013, 38 TexReg 2100