Texas Insurance Code

§ 887.065 — MERGER

IN § 887.065Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. B. GENERAL POWERS AND DUTIES; OFFICERS AND DIRECTORS

Statute text

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(a)An association may not merge with another association without the advance approval of the department.

(b)The department may grant approval under Subsection (a) only after the department:

(1)completely investigates the facts; and

(2)determines that the proposed merger is to the advantage of the members.

Legislative history

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