reglab/housing_qa huggingface dataset:
TX Ins Code § 884.555 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.555. Members Meeting; Notice

Sec. 884.555.  MEMBERS MEETING;  NOTICE.  (a)  After the department approves a proposed direct reinsurance agreement, the board of directors of the mutual assessment company shall:(1)  call a meeting of the company's members in accordance with the company's bylaws for voting on ratification of the direct reinsurance agreement;  and(2)  mail to each member:(A)  a copy of the proposed agreement;  and(B)  a copy of the notice of the meeting.(b)  The meeting may not be held before the 16th day after the date on which the copies are mailed under Subsection (a)(2).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.556 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.556. Members Meeting; Procedures

Sec. 884.556.  MEMBERS MEETING;  PROCEDURES.  (a)  In a meeting called under Section 884.555, a member may vote in person, by proxy to whomever the member designates, or by mail.(b)  All votes must be cast by ballot.  A two-thirds vote of the members participating in the election is required to ratify the reinsurance agreement.(c)  The person presiding at the meeting shall supervise and direct the procedure of the meeting and shall appoint an adequate number of inspectors to conduct the voting at the meeting.(d)  The inspectors may determine all questions concerning the qualifications of the voters and the verification, canvassing, and validity of the ballots.(e)  At the conclusion of the meeting, the inspectors shall certify under oath the result of the election to the department and to the stipulated premium company that is a party to the proposed agreement.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.557 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.557. Submission of Meeting Facts to Department

Sec. 884.557.  SUBMISSION OF MEETING FACTS TO DEPARTMENT.  Not later than the 90th day after the date of the meeting of the members, all facts relating to the meeting, including the accounting of the meeting and the computation of the required reserves, shall be submitted under oath to the department.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.558 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.558. Effective Date of Agreement

Sec. 884.558.  EFFECTIVE DATE OF AGREEMENT.  A direct reinsurance agreement that is ratified under Section 884.556 takes effect on the date specified in the agreement.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.559 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.559. Action After Agreement Ratification

Sec. 884.559.  ACTION AFTER AGREEMENT RATIFICATION.  (a)  After ratification of the reinsurance agreement under Section 884.556, the mutual assessment company shall cease doing business and shall transfer all of its assets to the assuming stipulated premium company.(b)  The stipulated premium company shall assume:(1)  all policy liability in accordance with the reinsurance agreement;  and(2)  all other liabilities in accordance with the method of payment of those liabilities.(c)  On transfer of a mutual assessment company's assets:(1)  the company shall promptly surrender its certificate of authority and charter to the department;  and(2)  the company's corporate existence ceases.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.560 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.560. Assumption Certificate

Sec. 884.560.  ASSUMPTION CERTIFICATE.  Immediately after ratification of the reinsurance agreement under Section 884.556, the stipulated premium company shall issue to each member of the mutual assessment company an assumption certificate that states:(1)  the terms of the assumption;  and(2)  the reserve and interest table under which the policy is assumed.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.561 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.561. Adjustment of Life Insurance Premiums

Sec. 884.561.  ADJUSTMENT OF LIFE INSURANCE PREMIUMS.  (a)  If the premium charged on a life insurance policy assumed by the stipulated premium company is less than the renewal net premium computed under the reserve standard adopted in the reinsurance agreement, the stipulated premium company shall adjust the premium rate to provide an amount that is at least equal to the renewal net premium based on the age of the insured on the date the policy was issued by the mutual assessment company.(b)  Notwithstanding Subsection (a), if the gross premium charged on a family group policy reinsured by a stipulated premium company is less than the renewal net premium for that policy, the stipulated premium company may choose to not adjust the rate if:(1)  the deficiency reserve of the business of the mutual assessment company is less than 25 percent of the required reserve on the business to be reinsured, including the deficiency premium reserve required by Subdivision (3);(2)  at the time of reinsurance, the gross premium of all family group policies to be reinsured by the stipulated premium company is in the aggregate equal to at least 120 percent of the required net premiums on those family group policies;  and(3)  the stipulated premium company maintains on that policy, in addition to any other reserve required by law, a deficiency premium reserve that is equal to the present value, computed using the reserve standard adopted in the reinsurance agreement, of an annuity, the amount of which is equal to the difference between the premium charged and that net premium and the term of which in years is equal to the number of annual premiums for the remainder of the premium paying period.(c)  The deficiency premium reserve required by Subsection (b)(3) is a part of the company's deficiency reserve and shall be reduced in the manner provided by Section 884.453.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.562 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter L. Direct Reinsurance Agreements With Mutual Assessment Companies|Section 884.562. Approval of Rate Adjustment

Sec. 884.562.  APPROVAL OF RATE ADJUSTMENT.  A stipulated premium company may not adjust a life insurance premium rate under this subchapter before:(1)  obtaining the approval of the department;  and(2)  providing notice to the policyholder.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.601 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter M. Conversion to Legal Reserve Company|Section 884.601. Authorization to Convert

Sec. 884.601.  AUTHORIZATION TO CONVERT.  (a)  The shareholders of a stipulated premium company that possesses capital in an amount equal to at least $700,000, unencumbered surplus in an amount equal to at least $700,000, and sufficient reserves on hand for the company's policies as required under provisions of Chapter 425, other than Sections 425.002-425.005, may convert the company to a legal reserve company that operates under Chapter 841 by complying with each requirement applicable to a company operating under that chapter.(b)  The department may approve the conversion only after determining that the converting company has complied with the requirements applicable to that company under Subsection (a).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.089, eff. April 1, 2009.|
TX Ins Code § 884.602 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter M. Conversion to Legal Reserve Company|Section 884.602. Assumption Certificate

Sec. 884.602.  ASSUMPTION CERTIFICATE.  (a)  Not later than the 30th day after the date of a conversion under this subchapter, the converted company shall issue to each policyholder an assumption certificate by which the policy liability is assumed by the converted company.(b)  The certificate must contain all of the provisions applicable to a policy issued by a company operating under Chapter 841.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.603 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter M. Conversion to Legal Reserve Company|Section 884.603. Exemption From Capital and Surplus Requirements

Sec. 884.603.  EXEMPTION FROM CAPITAL AND SURPLUS REQUIREMENTS.  (a)  A stipulated premium company is exempt from the capital and surplus requirements of Section 884.601(a) if the company:(1)  was organized before September 1, 1989;(2)  possesses capital in an amount equal to at least $100,000 and unencumbered surplus in an amount equal to at least $100,000;  and(3)  converted to a company that operates under Chapter 841 before September 1, 1999.(b)  A stipulated premium company that is exempt under Subsection (a) shall immediately increase its capital and surplus to amounts that satisfy Section 884.601(a) on:(1)  a change of control of at least 50 percent of the voting securities of the converted company;  or(2)  if the converted company or the holding company that controls the converted company, if any, is not controlled by voting securities, a change of at least 50 percent of the ownership of the converted company or its holding company.(c)  For purposes of Subsection (b), a transfer of ownership that occurs because of death, regardless of whether the decedent died testate or intestate, may not be considered a change in the control of a converted stipulated premium company or holding company if ownership is transferred solely to one or more individuals, each of whom would be an heir of the decedent if the decedent had died intestate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 884.701 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 884 - Stipulated Premium Insurance Companies|Subchapter O. General Financial Regulation|Section 884.701. Hazardous Financial Condition, Supervision, Conservatorship, and Liquidation

Sec. 884.701.  HAZARDOUS FINANCIAL CONDITION, SUPERVISION, CONSERVATORSHIP, AND LIQUIDATION.  Subchapter A, Chapter 404, and Chapters 441 and 443 apply to a stipulated premium company engaged in the business of insurance in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.090, eff. April 1, 2009.|
TX Ins Code § 885.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.001. Definitions

Sec. 885.001.  DEFINITIONS.  In this chapter:(1)  "Benefit certificate" means a document issued as written evidence of a benefit contract.(2)  "Benefit contract" means an agreement for provision of benefits authorized by Section 885.301, as that agreement is described by Section 885.306.(3)  "Benefit member" means an adult designated by the laws or rules of a fraternal benefit society as a benefit member under a benefit contract.(4)  "Fraternal benefit society's laws" means a fraternal benefit society's articles of incorporation, constitution, and bylaws, however designated.(5)  "Lodge" means a subordinate member unit of a fraternal benefit society.  The term includes a camp, court, council, or branch.(6)  "Premium" means a premium, a rate, dues, or another required contribution that is payable under a benefit certificate or benefit contract.(7)  "Rule" means a rule, regulation, or resolution adopted by the supreme governing body or board of directors that has general application to the members of a fraternal benefit society.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.002. Limited Exemption From Insurance Laws

Sec. 885.002.  LIMITED EXEMPTION FROM INSURANCE LAWS.  (a)  Except as provided by this chapter, a fraternal benefit society is governed by this chapter and is exempt from all other insurance laws of this state for all purposes.(b)  A law enacted after July 1, 1913, does not apply to fraternal benefit societies unless a fraternal benefit society is expressly designated in the law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.003. Exemption From Taxation

Sec. 885.003.  EXEMPTION FROM TAXATION.  (a)  A fraternal benefit society organized or holding a certificate of authority under this chapter, including the former Chapter 10 of this code and Chapter 8, Title 78, Revised Statutes, is a charitable and benevolent institution.  Except as provided by Subsection (b), all funds of a fraternal benefit society described by this subsection are exempt from any state, county, district, municipal, or school tax, including an occupation tax.(b)  Real estate or office equipment used for a purpose other than a lodge purpose is subject to taxation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.004 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.004. Inapplicability to Certain Societies

Sec. 885.004.  INAPPLICABILITY TO CERTAIN SOCIETIES.  (a)  Except as provided by Subsection (b), this chapter does not apply to:(1)  a grand or subordinate lodge of Masons, Odd Fellows, Knights of Pythias, or the Junior Order of the United American Mechanics;(2)  a society that limits its membership to those engaged in one or more hazardous occupations in the same or similar lines of business;(3)  a society that does not issue benefit certificates;(4)  an association of local lodges of a society engaged in business in this state on July 1, 1913, that provides:(A)  death benefits of not more than $500 to any one individual;(B)  disability benefits of not more than $300 in any one year to any one individual;  or(C)  both death benefits described by Paragraph (A) and disability benefits described by Paragraph (B);(5)  a contract of reinsurance on a plan in this state described by Subdivision (4);(6)  a domestic society that limits its membership to the employees of:(A)  a particular municipality;  or(B)  a designated firm or corporation;  or(7)  a domestic lodge, order, or association of a purely religious, charitable, and benevolent description that does not provide:(A)  death benefits of more than $100;  or(B)  disability benefits of more than $150 to any one individual in any one year.(b)  This chapter applies to:(1)  the insurance department of the supreme lodge Knights of Pythias;  and(2)  the beneficiary degree of insurance branch of the Junior Order of the United American Mechanics.(c)  The department may require from any society information that will permit the department to determine whether the society is exempt from this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.005 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.005. Fraternal Benefit Societies That Provide Benefits Resulting From Accidents Only

Sec. 885.005.  FRATERNAL BENEFIT SOCIETIES THAT PROVIDE BENEFITS RESULTING FROM ACCIDENTS ONLY.  (a)  A fraternal benefit society that provides benefits for death or disability resulting from accidents only and does not provide death benefits or benefits for sickness may hold a certificate of authority under this chapter if the society:(1)  was organized and incorporated before July 1, 1913;  and(2)  operates as provided by Sections 885.051-885.054 and 885.062.(b)  A fraternal benefit society that holds a certificate of authority as provided by Subsection (a) may exercise all the privileges provided by and is subject to this chapter other than:(1)  provisions requiring medical examination;(2)  provisions requiring that a benefit certificate specify the amount of benefits;  and(3)  provisions relating to the valuation of benefit certificates.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.006 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter A. General Provisions|Section 885.006. Treatment of Certain Grand Lodges

Sec. 885.006.  TREATMENT OF CERTAIN GRAND LODGES.  A grand lodge, by whatever name known and without regard to whether incorporated, that holds a charter from any supreme governing body and that was engaging in business in this state on July 1, 1913, as a fraternal beneficiary association under the separate jurisdiction plan is considered to be a single state organization.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter B. Structure of Fraternal Benefit Society|Section 885.051. Fraternal Benefit Society Defined

Sec. 885.051.  FRATERNAL BENEFIT SOCIETY DEFINED.  A corporation, society, order, or voluntary association is a fraternal benefit society if it:(1)  has a lodge system and a representative form of government or limits its membership to a secret fraternity that has a lodge system and a representative form of government;(2)  is organized and operated solely for the mutual benefit of its members and their beneficiaries and not for profit;(3)  does not have capital stock;  and(4)  provides for the payment of benefits in accordance with Section 885.301.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter B. Structure of Fraternal Benefit Society|Section 885.052. Control of Fraternal Benefit Society

Sec. 885.052.  CONTROL OF FRATERNAL BENEFIT SOCIETY.  (a)  In this section, "control" has the meaning described by Sections 823.005 and 823.151.(b)  Control of a fraternal benefit society must be ultimately vested in the membership as provided by this chapter.  Control of a fraternal benefit society may be exercised by lodges and a supreme governing body elected under Section 885.054.(c)  The methods provided by this section for exercising control over a fraternal benefit society are exclusive.(d)  Chapter 823 applies to a fraternal benefit society.  Each change in control of a fraternal benefit society must be consistent with the nature of a fraternal benefit society as specified by this section, Sections 885.051, 885.053, and 885.054, and other applicable law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter B. Structure of Fraternal Benefit Society|Section 885.053. Lodge System Defined

Sec. 885.053.  LODGE SYSTEM DEFINED.  A fraternal benefit society is considered to be operating on the lodge system if the society:(1)  has a supreme governing body;  and(2)  has lodges:(A)  into which members are admitted in accordance with the fraternal benefit society's laws, rituals, and rules;  and(B)  that are required by the fraternal benefit society's laws to hold periodic meetings.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter B. Structure of Fraternal Benefit Society|Section 885.054. Representative Form of Government Defined

Sec. 885.054.  REPRESENTATIVE FORM OF GOVERNMENT DEFINED.  A fraternal benefit society has a representative form of government if:(1)  the society has a supreme governing body constituted as:(A)  an assembly, as described by Section 885.055;  or(B)  a board, as described by Section 885.057;(2)  the officers of the society are elected by the supreme governing body or the board of directors;(3)  only a benefit member is eligible to serve as a member of the supreme governing body, the board of directors, or an intermediate assembly of the society;(4)  only a benefit member may vote on the management of the society's insurance affairs;(5)  a voting member of the society has only one vote;  and(6)  a voting member of the society may not cast a vote by proxy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|