Sec. 882.553. PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER. (a) If the boards of directors of at least two life insurance companies determine by majority vote to merge or consolidate, the boards of directors shall prepare a proposed plan of merger or consolidation. The plan may contain:
(1) a future allocation of divisible surplus; or
(2) any other fair arrangement by which any equitable interests of the mutual life insurance company's policyholders may be adjusted.
(b) The boards of directors shall file the proposed plan with the commissioner for approval.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 882 - Mutual Life Insurance Companies
Subchapter L. Mergers and Consolidations
Section 882.551. Applicability of Subchapter
Section 882.552. Authority to Merge or Consolidate
Section 882.553. Proposed Plan of Merger or Consolidation; Filing With Commissioner
Section 882.554. Hearing on Plan
Section 882.555. Commissioner Determination on Plan
Section 882.556. Approval of Plan by Policyholders
Section 882.557. Domestic Stock Life Insurance Company; Approval of Plan by Shareholders
Section 882.558. Foreign Life Insurance Company; Approval of Plan by Policyholders or Shareholders
Section 882.560. Effective Date of Merger or Consolidation
Section 882.561. Assumption of Outstanding Insurance Policies
Section 882.562. Assumption of Liabilities
Section 882.563. Effect of Merger or Consolidation on Property
Section 882.564. Effect of Merger or Consolidation on Certain Investments
Section 882.565. Effect of Merger or Consolidation on Divisible Surplus