Sec. 884.555. MEMBERS MEETING; NOTICE. (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).
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 L. Direct Reinsurance Agreements With Mutual Assessment Companies
Section 884.552. Authority to Contract
Section 884.553. Reinsurance Agreement
Section 884.554. Approval by Department
Section 884.555. Members Meeting; Notice
Section 884.556. Members Meeting; Procedures
Section 884.557. Submission of Meeting Facts to Department
Section 884.558. Effective Date of Agreement
Section 884.559. Action After Agreement Ratification
Section 884.560. Assumption Certificate