Tex. Ins. Code § 882.553 · Subchapter L. MERGERS AND CONSOLIDATIONS
PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 be adjusted.
(b) The boards of directors shall file the proposed plan with the commissioner for approval.
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.882.htm
- Text hash
- sha256 a218f5080887d21026f38539f2833624d969b91099c46b9104023d0864a668fd
- 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
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.