Texas § 884.502 DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY.

Texas Statutes

§ 884.502 — DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY.

Texas § 884.502

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Bluebook

Tex. Insurance Code Code Ann. § 884.502 (2026).

Text

Sec. 884.502. DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY.

(a)A stipulated premium company may enter into a total or partial direct reinsurance agreement with a legal reserve life insurance company authorized to engage in the business of insurance in this state.

(b)Before a reinsurance agreement under this section may take effect, it must be:

(1)approved by a majority vote of the board of directors of each company;

(2)submitted to the department; and

(3)approved by the department as complying with Section 884.503 or 884.504 , as applicable.

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Sec. 884.502. DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY. (a) A stipulated premium company may enter into a total or partial direct reinsurance agreement with a legal reserve life insurance company authorized to engage in the business of insurance in this state.
(b) Before a reinsurance agreement under this section may take effect, it must be:
(1) approved by a majority vote of the board of directors of each company;
(2) submitted to the department; and
(3) approved by the department as complying with Section 884.503 or 884.504 , as applicable.