Texas Insurance Code

§ 882.564 — EFFECT OF MERGER OR CONSOLIDATION ON CERTAIN INVESTMENTS

IN § 882.564Title 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)This section applies to each investment of an affected life insurance company, including an investment in real property, that:

(1)was authorized as a proper asset, as of the date on which the investment was made and under the laws of the state in which the company was organized, for investment of funds of a life insurance company; and

(2)is taken over by the new or surviving company under the terms of the merger or consolidation.

(b)On the effective date of a merger or consolidation of two or more life insurance companies under this subchapter, an investment of the affected companies described by Subsection (a) is a proper asset under the laws of this state of the new or surviving company if the investment is:

(1)approved by the commissioner; and

(2)taken over on terms satisfactory to the commissioner.

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Legislative history

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