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Providing that certain insurance companies desiring to purchase either by tender offer or through negotiated private transaction issued and outstanding shares of their own capital stock may purchase said shares in accordance with the provisions of the Texas Business Corporation Act provided prior approval is first obtained from the State Board of Insurance; providing that any such company, the shares of whose capital stock is listed on a national security exchange and which desires to purchase in its own name and for its own account issued and outstanding shares of its own capital stock by means of purchases from time to time on the open market, may do so in accordance with the provisions of the Texas Business Corporation Act provided prior approval is first obtained from the State Board of Insurance; setting for the contents of applications for approval of the State Board of Insurance; providing the relationship of this Act.