Sec. 823.258. DISPOSITION OF INVESTMENT IN SUBSIDIARY AFTER CESSATION OF CONTROL. (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) at any time after the investment is made the investment qualifies for investment under another provision of this code; and (2) the insurer notifies the commissioner of that qualification. (b) The commissioner may extend the period under Subsection (a) during which disposition is required.
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