Texas Insurance Code - Section 882.553. Proposed Plan Of Merger Or Consolidation; Filing With Commissioner
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Texas Laws > Insurance Code > Texas Insurance Code - Section 882.553. Proposed Plan Of Merger Or Consolidation; Filing With Commissioner
Section: 882.452 882.453 882.454 882.455 882.501 882.551 882.552 882.553 882.554 882.555 882.556 882.557 882.558 882.559 882.560
§ 882.553. PROPOSED PLAN OF MERGER OR CONSOLIDATION;
FILING WITH COMMISSIONER. (a) If the boards of directors of at
least two life insurance companies determine by majority vote to
merge or consolidate, the boards of directors shall prepare a
proposed plan of merger or consolidation. The plan may contain:
(1) a future allocation of divisible surplus; or
(2) any other fair arrangement by which any equitable
interests of the mutual life insurance company's policyholders may
(b) The boards of directors shall file the proposed plan
with the commissioner for approval.
Added by Acts 2001, 77th Leg., ch. 1419, § 1, eff. June 1, 2003.
Last modified: August 11, 2007