Texas Insurance Code
§ 884.502 — DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY
IN § 884.502Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. K. DIRECT REINSURANCE AGREEMENTS
Statute text
View on source(a)A stipulated premium company may enter into a total or partial direct reinsurance agreement with a legal reserve life insurance company authorized to engage in the business of insurance in this state.
(b)Before a reinsurance agreement under this section may take effect, it must be:
(1)approved by a majority vote of the board of directors of each company;
(2)submitted to the department; and
(3)approved by the department as complying with Section 884.503 or 884.504, as applicable.
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.