{"data":{"id":"us-tx/tex.-insurance-code-884.554","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 884.554","heading":"APPROVAL BY DEPARTMENT.","body":"(a) A mutual assessment company's board of directors may determine by a majority vote to submit a proposed direct reinsurance agreement to the members of the company. Before the agreement may be submitted to the members, the board must prepare detailed plans for the reinsurance and must submit the agreement to the department.\n(b) If the department determines that the proposed direct reinsurance agreement complies with this chapter, the department shall approve the agreement for submission to the members of the company.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES","CHAPTER 884. STIPULATED PREMIUM INSURANCE COMPANIES","SUBCHAPTER L. DIRECT REINSURANCE AGREEMENTS WITH MUTUAL ASSESSMENT COMPANIES"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.884.htm#884.554","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"835e417f4716630bebb0654f409945157973abbaffb2c048255f21eb4b473229","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-884.553","next":"us-tx/tex.-insurance-code-884.555"},"notice":"GroundRules: Original legal text. Not legal advice."}