Texas Insurance Code

§ 884.555 — MEMBERS MEETING; NOTICE

IN § 884.555Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. L. DIRECT REINSURANCE AGREEMENTS WITH MUTUAL ASSESSMENT COMPANIES

Statute text

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(a)After the department approves a proposed direct reinsurance agreement, the board of directors of the mutual assessment company shall:

(1)call a meeting of the company's members in accordance with the company's bylaws for voting on ratification of the direct reinsurance agreement; and

(2)mail to each member:

(A)a copy of the proposed agreement; and

(B)a copy of the notice of the meeting.

(b)The meeting may not be held before the 16th day after the date on which the copies are mailed under Subsection (a)(2).

Legislative history

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