Tex. Ins. Code § 884.559 · Subchapter L. DIRECT REINSURANCE AGREEMENTS WITH MUTUAL ASSESSMENT COMPANIES
ACTION AFTER AGREEMENT RATIFICATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) After ratification of the reinsurance agreement under Section 884.556, the mutual assessment company shall cease doing business and shall transfer all of its assets to the assuming stipulated premium company.
(b) The stipulated premium company shall assume:
(1) all policy liability in accordance with the reinsurance agreement; and
(2) all other liabilities in accordance with the method of payment of those liabilities.
(c) On transfer of a mutual assessment company's assets:
(1) the company shall promptly surrender its certificate of authority and charter to the department; and
(2) the company's corporate existence ceases.
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.884.htm
- Text hash
- sha256 f6573a47ca0c346701d98ad8db73c3721717a858a2fba0261ebeb703c888fd42
- 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.
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.