Texas § 884.554 APPROVAL BY DEPARTMENT.

Texas Statutes

§ 884.554 — APPROVAL BY DEPARTMENT.

Texas § 884.554

Code INInsurance Code

This text of Texas § 884.554 (APPROVAL BY DEPARTMENT.) 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. § 884.554 (2026).

Text

Sec. 884.554. APPROVAL BY DEPARTMENT.

(a)A mutual assessment company's board of directors may determine by a majority vote to submit a proposed direct reinsurance agreement to the members of the company. Before the agreement may be submitted to the members, the board must prepare detailed plans for the reinsurance and must submit the agreement to the department.

(b)If the department determines that the proposed direct reinsurance agreement complies with this chapter, the department shall approve the agreement for submission to the members of the company.

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 884.554. APPROVAL BY DEPARTMENT. (a) A mutual assessment company's board of directors may determine by a majority vote to submit a proposed direct reinsurance agreement to the members of the company. Before the agreement may be submitted to the members, the board must prepare detailed plans for the reinsurance and must submit the agreement to the department.
(b) If the department determines that the proposed direct reinsurance agreement complies with this chapter, the department shall approve the agreement for submission to the members of the company.