If an income generation transaction is a sale of a call option on assets, the insurer must, during the entire period the option is outstanding, hold, or have a currently exercisable right to acquire, the underlying assets.
Tex. Ins. Code § 424.213
LIMITATION ON SALE OF CALL OPTION ON ASSETS
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.