Texas Insurance Code - Section 481.007. Withdrawal Of Deposit After Merger, Consolidation, Or Total Reinsurance
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§ 481.007. WITHDRAWAL OF DEPOSIT AFTER MERGER,
CONSOLIDATION, OR TOTAL REINSURANCE. When two or more insurers
that have two or more deposits made for identical purposes as
described by this chapter or former Article 4739, Revised Statutes,
merge, consolidate, or enter into a total reinsurance contract by
which the ceding insurer is dissolved and the ceding insurer's
assets and liabilities are acquired or assumed by the surviving
insurer, the new, surviving, or reinsuring insurer may withdraw all
of the deposits, except for the deposit of the greatest amount and
value. The new, surviving, or reinsuring insurer must demonstrate
that the deposits are duplicated and that the insurer is the owner
of the deposits.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.451 481.001 481.002 481.003 481.004 481.005 481.006 481.007 481.008 481.009 491.001 491.002 491.003 491.004 491.005
Last modified: August 10, 2007
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