Texas Insurance Code
§ 882.555 — COMMISSIONER DETERMINATION ON PLAN
IN § 882.555Title 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
View on source(a)As soon as practicable after the commissioner holds a hearing on a proposed plan under Section 882.554, the commissioner shall approve the plan unless the commissioner determines that:
(1)the plan is contrary to law; or
(2)implementation of the plan:
(A)would not be in the best interests of the policyholders of any mutual life insurance company that is a party to the plan; or
(B)would substantially reduce the security of or service to be rendered to policyholders of any mutual insurance company that is a party to the plan, regardless of whether the policyholders reside in this state or elsewhere.
(b)In determining whether to approve a proposed plan, the commissioner may consider all relevant financial or other information, including past, present, and future operations and accumulations of each company that is a party to the plan.
…
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.