Sec. 884.503. DIRECT REINSURANCE OF ACCIDENT OR HEALTH INSURANCE POLICIES. (a) In the direct reinsurance of a stipulated premium accident or health insurance policy under Section 884.502, the company assuming the policy under the agreement must assume the exact obligations of the policy.
(b) If a policy is non-cancellable or guaranteed renewable, the assuming company may include in the assumption certificate a premium redetermination clause instead of the clause required by Section 884.352.
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 884 - Stipulated Premium Insurance Companies
Subchapter K. Direct Reinsurance Agreements
Section 884.501. Direct Reinsurance Agreements Between Stipulated Premium Companies
Section 884.502. Direct Reinsurance Agreement With Legal Reserve Company
Section 884.503. Direct Reinsurance of Accident or Health Insurance Policies
Section 884.504. Direct Reinsurance of Certain Policies
Section 884.505. Effect of Total Direct Reinsurance Agreement