Texas Insurance Code

§ 882.553 — PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER

IN § 882.553Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. L. MERGERS AND CONSOLIDATIONS

Statute text

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(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.

Legislative history

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