Texas Insurance Code - Section 882.501. Total Assumption Reinsurance Agreements Between Life Insurance Companies
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Texas Laws > Insurance Code > Texas Insurance Code - Section 882.501. Total Assumption Reinsurance Agreements Between Life Insurance Companies
Section: 882.404 882.405 882.451 882.452 882.453 882.454 882.455 882.501 882.551 882.552 882.553 882.554 882.555 882.556 882.557
§ 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
(1) the agreement must be submitted to the department;
(2) the commissioner must approve the agreement as
fully protecting the interests of each domestic company's
(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