Tex. Ins. Code § 824.005 · Subchapter A. AUTHORITY AND PROCEDURES
COMMISSIONER ACTION ON PLAN.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 which the plan is filed with the commissioner as required by Section 824.004.
(b) Not later than the 15th day after the hearing date, the commissioner shall:
(1) give written approval of the plan to each insurance corporation that is a party to the proposed merger or consolidation; or
(2) disapprove the plan if the commissioner determines that the plan:
(A) is contrary to law; or
(B) would not be in the best interests of the policyholders affected by the plan and would substantially reduce the security of and service to be rendered to policyholders of the insurance corporation in this state or elsewhere.
(c) The commissioner may extend the period during which the commissioner may affirmatively approve or disapprove the proposed plan if representatives of the applicants for the proposed merger or consolidation concur in that extension.
(d) If the commissioner disapproves a proposed plan, the commissioner shall specify in detail the reasons for that disapproval.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.824.htm
- Text hash
- sha256 e30f41aaba343358e7ec9406468d88667aeaeb8bd31cc03fae97e9694f179d3d
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.