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Texas Insurance Code - INS § 884.502. Direct Reinsurance Agreement with Legal Reserve Company

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

(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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Cite this article: FindLaw.com - Texas Insurance Code - INS § 884.502. Direct Reinsurance Agreement with Legal Reserve Company - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-884-502/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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