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Texas Insurance Code - Section 882.501. Total Assumption Reinsurance Agreements Between Life Insurance Companies

Legal Research Home > Texas Laws > Insurance Code > Texas Insurance Code - Section 882.501. Total Assumption Reinsurance Agreements Between Life Insurance Companies

§ 882.501. TOTAL ASSUMPTION REINSURANCE AGREEMENTS 
BETWEEN LIFE INSURANCE COMPANIES.  (a) A domestic mutual life 
insurance company and any other domestic or foreign life insurance 
company may enter into a total assumption reinsurance agreement if 
the company assuming the policies under the agreement is authorized 
to engage in the kinds of insurance provided by those policies.
	(b)  Before a total assumption reinsurance agreement may be 
entered into:    
		(1)  the agreement must be submitted to the department;  
and                
		(2)  the commissioner must approve the agreement as 
fully protecting the interests of each domestic company's 
policyholders.
	(c)  After an assumption reinsurance agreement in which the 
ceding company is a domestic mutual insurance company is approved 
by the commissioner as required by Subsection (b), the agreement 
must be approved by the policyholders of the ceding domestic 
company in the same manner as required for a merger or consolidation 
under Subchapter L.
	(d)  When the reinsurance agreement described by Subsection 
(c) is effective, the assuming company is entitled to the same 
rights, privileges, and benefits granted a company that assumes a 
company by merger or consolidation as provided by Subchapter L.

Added by Acts 2001, 77th Leg., ch. 1419, § 1, eff. June 1, 2003.           

Last modified: August 11, 2007