Tex. Ins. Code Section 882.501
Total Assumption Reinsurance Agreements Between Life Insurance Companies

(a)

A domestic mutual life insurance company and any other domestic or foreign life insurance company may enter into a total assumption reinsurance agreement if the company assuming the policies under the agreement is authorized to engage in the kinds of insurance provided by those policies.

(b)

Before a total assumption reinsurance agreement may be entered into:

(1)

the agreement must be submitted to the department; and

(2)

the commissioner must approve the agreement as fully protecting the interests of each domestic company’s policyholders.

(c)

After an assumption reinsurance agreement in which the ceding company is a domestic mutual insurance company is approved by the commissioner as required by Subsection (b), the agreement must be approved by the policyholders of the ceding domestic company in the same manner as required for a merger or consolidation under Subchapter L.

(d)

When the reinsurance agreement described by Subsection (c) is effective, the assuming company is entitled to the same rights, privileges, and benefits granted a company that assumes a company by merger or consolidation as provided by Subchapter L.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 882.501 — Total Assumption Reinsurance Agreements Between Life Insurance Companies, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.882.htm#882.501 (accessed Jun. 5, 2024).

882.001
Applicability of This Chapter and Other Law 882.002
Examination of Company 882.003
Annual Statement 882.051
Authority to Form Company 882.052
Formation of Company 882.053
Company’s Name 882.054
Initial Board of Directors 882.055
Unencumbered Surplus Requirements 882.056
Application for Charter 882.057
Application Process 882.058
Action on Application 882.059
Examination After Determination 882.101
Issuance of Certificate of Authority 882.151
Board of Directors 882.152
Adoption of Initial Bylaws 882.153
Annual Meeting 882.154
Staggered Terms for Large Board of Directors 882.155
Voting by Policyholders 882.156
Officers 882.157
Officer Bonds 882.158
Bylaws Must Comply with Law 882.201
Applicability of Subchapter 882.202
Issuance of License to Agent 882.203
Limitation on Agent Compensation 882.251
Limited Authority to Borrow Money 882.252
Investment of Money 882.253
Loans to Company 882.301
Amount of Unencumbered Surplus 882.302
Exemption for Certain Companies 882.304
Investment of Excess Unencumbered Surplus 882.305
Impairment of Unencumbered Surplus 882.306
Impairment of Unencumbered Surplus 882.351
Policyholder’s Entitlement to Dividend 882.352
Accounting and Procedure for Allocation of Divisible Surplus 882.353
Department Approval of Allocation 882.354
Dividend Payment Method 882.355
Limitations on Divisible Surplus 882.356
Payment of Dividends Not Required 882.401
Amount of Contingency Reserve 882.402
Excess Contingency Reserve 882.403
Contingency Reserve Requirements 882.404
Allocation of Contingency Reserve to Unencumbered Surplus 882.405
Designation of Contingency Reserve as Unassigned Surplus 882.451
Applicability of Certain Provisions 882.452
Type of Policy Authorized 882.453
Policy Form 882.454
Limitation on Amount of Policy Value for Certain Companies 882.455
Table of Guaranteed Values 882.501
Total Assumption Reinsurance Agreements Between Life Insurance Companies 882.551
Applicability of Subchapter 882.552
Authority to Merge or Consolidate 882.553
Proposed Plan of Merger or Consolidation 882.554
Hearing on Plan 882.555
Commissioner Determination on Plan 882.556
Approval of Plan by Policyholders 882.557
Domestic Stock Life Insurance Company 882.558
Foreign Life Insurance Company 882.559
Filing of Affidavit of Plan Approval 882.560
Effective Date of Merger or Consolidation 882.561
Assumption of Outstanding Insurance Policies 882.562
Assumption of Liabilities 882.563
Effect of Merger or Consolidation on Property 882.564
Effect of Merger or Consolidation on Certain Investments 882.565
Effect of Merger or Consolidation on Divisible Surplus 882.566
Effect on Antitrust Laws 882.601
Authority to Convert to Stock Legal Reserve Life Insurance Company 882.602
Amendment to Charter or Articles of Incorporation Required 882.603
Capital and Surplus Requirements 882.604
Hearing 882.605
Conversion on Commissioner Approval 882.606
Applicable Law After Conversion 882.607
Other Types of Conversion Not Prohibited 882.651
Authority to Convert 882.652
Voluntary Conversion 882.653
Conversion Requirements 882.654
Exemption from Surplus Requirements 882.655
Applicable Law After Conversion 882.701
Applicability of Subchapter 882.702
Investment and Deposit of Funds 882.703
Policy Form 882.751
Authority to Convert 882.752
Application of Other Law 882.753
Jurisdiction of Commissioner 882.754
Incorporation Requirements 882.755
Articles of Incorporation 882.756
Sale of Securities

Accessed:
Jun. 5, 2024

§ 882.501’s source at texas.gov

Stay Connected

Join thousands of people who receive monthly site updates.

Get Legal Help

The State Bar of Texas runs a service for finding an attorney in good standing. Initial consultations are usually free or discounted: Lawyer Referral & Information Service (LRIS)

Committed to Public Service

We will always provide free access to the current law. In addition, we provide special support for non-profit, educational, and government users. Through social entrepreneurship, we’re lowering the cost of legal services and increasing citizen access.

Navigate

California:	Codes
Colorado:	C.R.S.
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

Location: https://texas.public.law/statutes/tex._ins._code_section_882.501

Original Source: Section 882.501 — Total Assumption Reinsurance Agreements Between Life Insurance Companies, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.882.htm#882.501 (last accessed Jun. 5, 2024).