Tex. Ins. Code § 882.559 · Subchapter L. MERGERS AND CONSOLIDATIONS
FILING OF AFFIDAVIT OF PLAN APPROVAL; ISSUANCE OF CERTIFICATE OF MERGER OR CONSOLIDATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On the approval of a proposed plan under Section 882.556, 882.557, or 882.558, the president or a vice president and the secretary or an assistant secretary of each company that is a party to the plan shall execute and file with the department an affidavit stating that the plan has been approved by the policyholders or shareholders of the company as required by this subchapter.
(b) If the department finds that the affidavit complies with law, the department shall:
(1) endorse the affidavit with:
(A) the word "filed"; and
(B) the date of filing;
(2) if the plan is a plan of merger, issue a certificate of merger to the surviving company or the company's representative; and
(3) if the plan is a plan of consolidation, issue a certificate of consolidation to the new company on the issuance of a charter and a certificate of authority to the new company after:
(A) submission of proper articles of incorporation to the department;
(B) approval by the department in accordance with procedures required for the issuance of a new charter; and
(C) submission of proof that the new company has policyholder surplus at least equal to that of the mutual life insurance company that is a party to the consolidation and has the largest surplus.
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 dcf6c087693ec7b6e4d6326219ca06b90c5445ccaaa01e0dd4670b3906e33f2a
- 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.
Insurance Code
- Tex. Ins. Code § 882.556APPROVAL OF PLAN BY POLICYHOLDERS.Printed as Section 882.556, 882.557, or 882.558
- Tex. Ins. Code § 882.557DOMESTIC STOCK LIFE INSURANCE COMPANY; APPROVAL OF PLAN BY SHAREHOLDERS.Printed as Section 882.556, 882.557, or 882.558
- Tex. Ins. Code § 882.558FOREIGN LIFE INSURANCE COMPANY; APPROVAL OF PLAN BY POLICYHOLDERS OR SHAREHOLDERS.Printed as Section 882.556, 882.557, or 882.558
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.