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Texas Insurance Code - INS § 882.559. Filing of Affidavit of Plan Approval;  Issuance of Certificate of Merger or Consolidation

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) On the approval of a proposed plan under Section 882.556, 882.557, or 882.558, the president or a vice president and the secretary or an assistant secretary of each company that is a party to the plan shall execute and file with the department an affidavit stating that the plan has been approved by the policyholders or shareholders of the company as required by this subchapter.

(b) If the department finds that the affidavit complies with law, the department shall:

(1) endorse the affidavit with:

(A) the word “filed”;  and

(B) the date of filing;

(2) if the plan is a plan of merger, issue a certificate of merger to the surviving company or the company's representative;  and

(3) if the plan is a plan of consolidation, issue a certificate of consolidation to the new company on the issuance of a charter and a certificate of authority to the new company after:

(A) submission of proper articles of incorporation to the department;

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

(C) submission of proof that the new company has policyholder surplus at least equal to that of the mutual life insurance company that is a party to the consolidation and has the largest surplus.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 882.559. Filing of Affidavit of Plan Approval;  Issuance of Certificate of Merger or Consolidation - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-882-559/

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