Texas Insurance Code

§ 884.505 — EFFECT OF TOTAL DIRECT REINSURANCE AGREEMENT

IN § 884.505Title 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

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(a)A stipulated premium company that enters into a total direct reinsurance agreement under Section 884.501 or 884.502 under which it is the ceding company shall promptly surrender its certificate of authority to the department.

(b)The stipulated premium company's shareholders and board of directors shall effect the company's dissolution.

Legislative history

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