Sec. 841.203.  COMPANY'S REPURCHASE OF STOCK.  (a)  A legal reserve life insurance company may purchase in the name of the company outstanding shares of the company's capital stock as provided by the Texas Business Corporation Act.
(b)  A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.
(c)  A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:
(1)  the name of each shareholder from whom the shares were purchased;  and
(2)  the sum of money paid for those shares.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.