Sec. 884.505. EFFECT OF TOTAL DIRECT REINSURANCE AGREEMENT. (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.
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