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Texas Insurance Code - Section 492.052. Limitation On Reinsurance Of Entire Outstanding Business

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 492.052. Limitation On Reinsurance Of Entire Outstanding Business

§ 492.052. LIMITATION ON REINSURANCE OF ENTIRE 
OUTSTANDING BUSINESS.  (a) An insurer may not reinsure the 
insurer's entire outstanding business in an assuming insurer unless 
the assuming insurer is authorized to engage in the business of 
insurance in this state.
	(b)  Before the date of reinsurance:                                           
		(1)  the reinsurance contract must be submitted to the 
commissioner;  and   
		(2)  the commissioner must approve the contract as 
fully protecting the interests of all policyholders.

Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.           

Last modified: August 10, 2007