Texas · Through 89th 2nd Called Legislative Session, 2025

Tex. Insurance Code § 882.553: PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.

Where this section sits in the code

INSURANCE CODE
TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES
SUBTITLE E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES
CHAPTER 882. MUTUAL LIFE INSURANCE COMPANIES
SUBCHAPTER L. MERGERS AND CONSOLIDATIONS

(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.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Collected 2026-08-27T01:47:21Z. Source file · JSON

Browse this collection