Texas Insurance Code Title 6, Chapter 824 - Merger And Consolidation Of Stock Insurance Corporations

SUBCHAPTER A AUTHORITY AND PROCEDURES

• Texas Section 824.001 - Authority To Merge Or Consolidate
  Two or more insurance corporations that engage in a similar line of the business of insurance may merge or consolidate under this chapter. Added by...
• Texas Section 824.002 - Procedures; Applicability Of Texas Business Corporation Act
  (a) To the extent that the provisions of the Texas Business Corporation Act are not inconsistent with the provisions of this code, the Texas Business...
• Texas Section 824.003 - Proposed Plan Of Merger Or Consolidation; Approval Of Directors And Shareholders
  (a) A proposed plan of merger or consolidation must be approved by the boards of directors of the corporations that are parties to the merger...
• Texas Section 824.004 - Filing Of Proposed Plan With Commissioner
  After a proposed plan of merger or consolidation has been approved as provided by Section 824.003, the plan shall be filed with the commissioner. Added...

SUBCHAPTER B EFFECTIVE DATE OF MERGER OR CONSOLIDATION

• Texas Section 824.005 - Commissioner Action On Plan
  (a) The commissioner shall hold a hearing on a proposed plan of merger or consolidation not later than the 15th day after the date on...
• Texas Section 824.051 - Effective Date Of Merger
  A merger takes effect on the date specified in the proposed plan of merger. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff....
• Texas Section 824.052 - Effective Date Of Consolidation
  (a) A new insurance corporation resulting from a plan of consolidation shall be issued a charter and a certificate of authority on: (1) submission of...

SUBCHAPTER C EFFECT OF MERGER OR CONSOLIDATION

• Texas Section 824.053 - Approval Of Merger Or Consolidation Affecting Foreign Corporation; Effective Date
  Notwithstanding Section 824.051 or 824.052, a merger or consolidation involving a corporation organized under the laws of another state does not take effect until the...
• Texas Section 824.101 - Effect Of Merger Or Consolidation On Outstanding Insurance Policies
  (a) A new or surviving corporation resulting from a merger or consolidation shall assume each insurance policy outstanding against each insurance corporation that merges or...
• Texas Section 824.102 - Effect Of Merger Or Consolidation On Certain Investments
  (a) This section applies to each investment of an affected corporation, including an investment in real property, that: (1) was authorized as a proper asset,...
• Texas Section 824.103 - Retirement And Cancellation Of Treasury Shares
  (a) After a merger or consolidation is completed, any shares of the new or surviving corporation acquired by that corporation as a result of distribution...

SUBCHAPTER D MERGER OR CONSOLIDATION OF LIFE INSURANCE CORPORATIONS

• Texas Section 824.104 - Effect On Antitrust Laws
  This chapter does not affect in any manner the antitrust laws of this state. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff....
• Texas Section 824.151 - Purchase Of Outstanding Shares By Life Insurance Corporation
  (a) A life insurance corporation may purchase or contract to purchase all or part of the outstanding shares of another life insurance corporation for purposes...
• Texas Section 824.152 - Limitations On Purchase Of Outstanding Shares By Life Insurance Corporation
  (a) A purchase or contract to purchase under Section 824.151 is subject to this section. (b) The intention to merge or consolidate must be evidenced...

Last modified: September 28, 2016