Texas § 824.052 EFFECTIVE DATE OF CONSOLIDATION.

Texas Statutes

§ 824.052 — EFFECTIVE DATE OF CONSOLIDATION.

Texas § 824.052

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 824.052 (2026).

Text

Sec. 824.052. EFFECTIVE DATE OF CONSOLIDATION.

(a)A new insurance corporation resulting from a plan of consolidation shall be issued a charter and a certificate of authority on:

(1)submission of proper articles of incorporation to the commissioner;

(2)approval by the commissioner in accordance with the procedures required for the issuance of a new charter; and

(3)submission of proof that the new corporation has capital and surplus at least equal to that of the corporation that is a party to the consolidation and has the largest capital and surplus.

(b)A consolidation takes effect on the date of issuance of the charter and certificate of authority under Subsection (a).

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Sec. 824.052. EFFECTIVE DATE OF CONSOLIDATION. (a) A new insurance corporation resulting from a plan of consolidation shall be issued a charter and a certificate of authority on:
(1) submission of proper articles of incorporation to the commissioner;
(2) approval by the commissioner in accordance with the procedures required for the issuance of a new charter; and
(3) submission of proof that the new corporation has capital and surplus at least equal to that of the corporation that is a party to the consolidation and has the largest capital and surplus.
(b) A consolidation takes effect on the date of issuance of the charter and certificate of authority under Subsection (a).