Texas § 882.553 PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.

Texas Statutes

§ 882.553 — PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.

Texas § 882.553

Code INInsurance Code

This text of Texas § 882.553 (PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 882.553 (2026).

Text

Sec. 882.553. PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER.

(a)If the boards of directors of at least two life insurance companies determine by majority vote to merge or consolidate, the boards of directors shall prepare a proposed plan of merger or consolidation. The plan may contain:

(1)a future allocation of divisible surplus; or

(2)any other fair arrangement by which any equitable interests of the mutual life insurance company's policyholders may be adjusted.

(b)The boards of directors shall file the proposed plan with the commissioner for approval.

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Sec. 882.553. PROPOSED PLAN OF MERGER OR CONSOLIDATION; FILING WITH COMMISSIONER. (a) If the boards of directors of at least two life insurance companies determine by majority vote to merge or consolidate, the boards of directors shall prepare a proposed plan of merger or consolidation. The plan may contain:
(1) a future allocation of divisible surplus; or
(2) any other fair arrangement by which any equitable interests of the mutual life insurance company's policyholders may be adjusted.
(b) The boards of directors shall file the proposed plan with the commissioner for approval.