Tex. Ins. Code § 882.555 · Subchapter L. MERGERS AND CONSOLIDATIONS
COMMISSIONER DETERMINATION ON PLAN.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) As soon as practicable after the commissioner holds a hearing on a proposed plan under Section 882.554, the commissioner shall approve the plan unless the commissioner determines that:
(1) the plan is contrary to law; or
(2) implementation of the plan:
(A) would not be in the best interests of the policyholders of any mutual life insurance company that is a party to the plan; or
(B) would substantially reduce the security of or service to be rendered to policyholders of any mutual insurance company that is a party to the plan, regardless of whether the policyholders reside in this state or elsewhere.
(b) In determining whether to approve a proposed plan, the commissioner may consider all relevant financial or other information, including past, present, and future operations and accumulations of each company that is a party to the plan.
(c) If the commissioner approves the proposed plan, the commissioner shall notify each party to the plan of the approval.
(d) If the commissioner disapproves the proposed plan, the commissioner shall, within a reasonable time after holding a hearing under Section 882.554:
(1) specify in detail each reason for the disapproval; and
(2) notify each party to the plan.
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 6c4e201ad7a5c94ad6bc3b40e94441641b7393a6772dc8ca3e4491dc68fb973f
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 3 provisions
Provisions in this library whose text cites Tex. Ins. Code § 882.555. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 882.556APPROVAL OF PLAN BY POLICYHOLDERS.Printed as Section 882.555
- Tex. Ins. Code § 882.557DOMESTIC STOCK LIFE INSURANCE COMPANY; APPROVAL OF PLAN BY SHAREHOLDERS.Printed as Section 882.555
- Tex. Ins. Code § 882.558FOREIGN LIFE INSURANCE COMPANY; APPROVAL OF PLAN BY POLICYHOLDERS OR SHAREHOLDERS.Printed as Section 882.555
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.