Sec. 884.602. ASSUMPTION CERTIFICATE. (a) Not later than the 30th day after the date of a conversion under this subchapter, the converted company shall issue to each policyholder an assumption certificate by which the policy liability is assumed by the converted company.
(b) The certificate must contain all of the provisions applicable to a policy issued by a company operating under Chapter 841.
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 M. Conversion to Legal Reserve Company
Section 884.601. Authorization to Convert
Section 884.602. Assumption Certificate
Section 884.603. Exemption From Capital and Surplus Requirements