reglab/housing_qa huggingface dataset:
TX Ins Code § 882.401 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter I. Contingency Reserve|Section 882.401. Amount of Contingency Reserve

Sec. 882.401.  AMOUNT OF CONTINGENCY RESERVE.  (a)  A mutual life insurance company organized under this chapter may maintain a contingency reserve that exceeds the reserves and liabilities provided by this chapter.  The amount of the contingency reserve may not exceed the greater of:(1)  $10,000;(2)  an amount that:(A)  equals 20 percent of the company's policy reserves and policy liabilities plus one percent of the amount of the company's life insurance in force;  and(B)  does not exceed $750,000;  or(3)  an amount that equals 20 percent of the company's policy reserves and policy liabilities.(b)  In determining the amount of a company's policy reserves and policy liabilities for purposes of this section, the company may only include the following, after deducting the net value of the company's risks reinsured by other solvent assuming insurers:(1)  the company's reserves on outstanding life insurance policies and annuity contracts, contracts issued as supplemental to the policies or contracts or in connection with the policies or contracts or provisions included in policies or contracts that insure against disability or accidental death;  and(2)  the company's liabilities for:(A)  optional modes of settlement;  or(B)  dividends left on deposit at interest.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.402 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter I. Contingency Reserve|Section 882.402. Excess Contingency Reserve

Sec. 882.402.  EXCESS CONTINGENCY RESERVE.  (a)  The commissioner, for good cause shown, may issue an order authorizing a mutual life insurance company to maintain a contingency reserve that exceeds the amount of the reserve authorized by Section 882.401.(b)  The order must state:(1)  a period not exceeding one year during which the company may maintain the excess contingency reserve;  and(2)  each reason for authorizing the excess contingency reserve.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.403 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter I. Contingency Reserve|Section 882.403. Contingency Reserve Requirements

Sec. 882.403.  CONTINGENCY RESERVE REQUIREMENTS.  (a)  A mutual life insurance company's contingency reserve as authorized by this subchapter must be:(1)  invested as provided by law;  and(2)  used only to pay death claims and dividends to policyholders.(b)  If the interest and earnings from the investment of a company's contingency reserve exceed the amount of reserve authorized by Section 882.401 or 882.402, the company shall pay the excess amount to the policyholders of the company in the form of dividends as provided by law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.404 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter I. Contingency Reserve|Section 882.404. Allocation of Contingency Reserve to Unencumbered Surplus

Sec. 882.404.  ALLOCATION OF CONTINGENCY RESERVE TO UNENCUMBERED SURPLUS.  If a mutual life insurance company's unencumbered surplus is less than $100,000, the company may allocate any part of the company's contingency reserve to the company's unencumbered surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.405 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter I. Contingency Reserve|Section 882.405. Designation of Contingency Reserve as Unassigned Surplus

Sec. 882.405.  DESIGNATION OF CONTINGENCY RESERVE AS UNASSIGNED SURPLUS.  The contingency reserve described by this subchapter is and may be treated as unassigned surplus, including designating the contingency reserve as unassigned surplus in financial statements.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.451 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter J. Policy Requirements|Section 882.451. Applicability of Certain Provisions

Sec. 882.451.  APPLICABILITY OF CERTAIN PROVISIONS.  Sections 882.452, 882. 453, and 882.454 do not apply to a mutual life insurance company organized under this chapter that has a surplus of at least the minimum amount of capital and surplus required of a capital stock company under Sections 841.054, 841.204, 841.205, 841.301, and 841.302.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.452 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter J. Policy Requirements|Section 882.452. Type of Policy Authorized

Sec. 882.452.  TYPE OF POLICY AUTHORIZED.  A mutual life insurance company may issue a policy only on the participating plan with dividends payable annually as provided by Subchapter H.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.453 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter J. Policy Requirements|Section 882.453. Policy Form

Sec. 882.453.  POLICY FORM.  An insurance policy issued by a mutual life insurance company must:(1)  be on a form approved by the department;  and(2)  contain the following statement on both the front and reverse sides of the policy:  "The form of this policy is approved by the Texas Department of Insurance."|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.454 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter J. Policy Requirements|Section 882.454. Limitation on Amount of Policy Value for Certain Companies

Sec. 882.454.  LIMITATION ON AMOUNT OF POLICY VALUE FOR CERTAIN COMPANIES.  If the total amount of a mutual life insurance company's insurance in force is less than $10 million, the company may not issue a policy that, after deducting any reinsurance, binds the company for more than $5,000 on a single life.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.455 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter J. Policy Requirements|Section 882.455. Table of Guaranteed Values

Sec. 882.455.  TABLE OF GUARANTEED VALUES.  (a)  Each insurance policy issued by a mutual life insurance company must contain a table of guaranteed values.  The guaranteed values become nonforfeitable not later than the date of payment of the third full annual premium.(b)  The table of guaranteed values shall be drawn in accordance with the law governing life, health, and accident insurance companies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.501 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter K. Total Assumption Reinsurance Agreements|Section 882.501. Total Assumption Reinsurance Agreements Between Life Insurance Companies

Sec. 882.501.  TOTAL ASSUMPTION REINSURANCE AGREEMENTS BETWEEN LIFE INSURANCE COMPANIES.  (a)  A domestic mutual life insurance company and any other domestic or foreign life insurance company may enter into a total assumption reinsurance agreement if the company assuming the policies under the agreement is authorized to engage in the kinds of insurance provided by those policies.(b)  Before a total assumption reinsurance agreement may be entered into:(1)  the agreement must be submitted to the department;  and(2)  the commissioner must approve the agreement as fully protecting the interests of each domestic company's policyholders.(c)  After an assumption reinsurance agreement in which the ceding company is a domestic mutual insurance company is approved by the commissioner as required by Subsection (b), the agreement must be approved by the policyholders of the ceding domestic company in the same manner as required for a merger or consolidation under Subchapter L.(d)  When the reinsurance agreement described by Subsection (c) is effective, the assuming company is entitled to the same rights, privileges, and benefits granted a company that assumes a company by merger or consolidation as provided by Subchapter L.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.551 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.551. Applicability of Subchapter

Sec. 882.551.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies only to a merger or consolidation in which at least one of the parties to the transaction is a mutual life insurance company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.552 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.552. Authority to Merge or Consolidate

Sec. 882.552.  AUTHORITY TO MERGE OR CONSOLIDATE.  A domestic or foreign mutual life insurance company may merge with a domestic or foreign mutual or stock legal reserve life insurance company or consolidate into a new domestic or foreign mutual or stock life insurance company as provided by this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.553 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.553. Proposed Plan of Merger or Consolidation; Filing With Commissioner

Sec. 882.553.  PROPOSED PLAN OF MERGER OR CONSOLIDATION;  FILING WITH COMMISSIONER.  (a)  If the boards of directors of at least two life insurance companies determine by majority vote to merge or consolidate, the boards of directors shall prepare a proposed plan of merger or consolidation.  The plan may contain:(1)  a future allocation of divisible surplus;  or(2)  any other fair arrangement by which any equitable interests of the mutual life insurance company's policyholders may be adjusted.(b)  The boards of directors shall file the proposed plan with the commissioner for approval.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.554 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.554. Hearing on Plan

Sec. 882.554.  HEARING ON PLAN.  As soon as practicable after a proposed plan is filed with the commissioner, the commissioner shall hold a hearing to determine whether to approve the plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.555 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.555. Commissioner Determination on Plan

Sec. 882.555.  COMMISSIONER DETERMINATION ON PLAN.  (a)  As soon as practicable after the commissioner holds a hearing on a proposed plan under Section 882.554, the commissioner shall approve the plan unless the commissioner determines that:(1)  the plan is contrary to law;  or(2)  implementation of the plan:(A)  would not be in the best interests of the policyholders of any mutual life insurance company that is a party to the plan;  or(B)  would substantially reduce the security of or service to be rendered to policyholders of any mutual insurance company that is a party to the plan, regardless of whether the policyholders reside in this state or elsewhere.(b)  In determining whether to approve a proposed plan, the commissioner may consider all relevant financial or other information, including past, present, and future operations and accumulations of each company that is a party to the plan.(c)  If the commissioner approves the proposed plan, the commissioner shall notify each party to the plan of the approval.(d)  If the commissioner disapproves the proposed plan, the commissioner shall, within a reasonable time after holding a hearing under Section 882.554:(1)  specify in detail each reason for the disapproval;  and(2)  notify each party to the plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.556 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.556. Approval of Plan by Policyholders

Sec. 882.556.  APPROVAL OF PLAN BY POLICYHOLDERS.  (a)  As soon as practicable after receiving from the commissioner notice of approval of a proposed plan under Section 882.555, the board of directors of each mutual life insurance company that is a party to the plan shall submit the plan to the policyholders for a vote at an annual or special meeting.(b)  Not later than the 15th day before the date of the meeting, the company shall provide written notice of the meeting to the policyholders as provided by the company's bylaws.  The notice must:(1)  be sent to the policyholder's last known address;(2)  state that one of the purposes of the meeting is to vote on the proposed plan;  and(3)  be accompanied by a copy of the proposed plan.(c)  At a meeting under Subsection (a), each policyholder:(1)  is entitled to the number of votes as provided by Section 882.155;  and(2)  may vote:(A)  in person;(B)  by written proxy;  or(C)  by mailed ballot.(d)  A proposed plan is approved by the policyholders on the affirmative vote of at least two-thirds of the votes cast at the meeting.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.557 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.557. Domestic Stock Life Insurance Company; Approval of Plan by Shareholders

Sec. 882.557.  DOMESTIC STOCK LIFE INSURANCE COMPANY;  APPROVAL OF PLAN BY SHAREHOLDERS.  On notice of approval of a proposed plan under Section 882.555, the board of directors of each domestic stock life insurance company that is a party to the plan shall submit the plan for approval to the company's shareholders in the manner provided by Section 824.003.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.558 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.558. Foreign Life Insurance Company; Approval of Plan by Policyholders or Shareholders

Sec. 882.558.  FOREIGN LIFE INSURANCE COMPANY;  APPROVAL OF PLAN BY POLICYHOLDERS OR SHAREHOLDERS.  On notice of approval of a proposed plan under Section 882.555, the board of directors of each foreign life insurance company that is a party to the plan shall submit the plan for approval to the company's policyholders or shareholders as provided by the law of the appropriate jurisdiction.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.559 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.559. Filing of Affidavit of Plan Approval; Issuance of Certificate of Merger or Consolidation

Sec. 882.559.  FILING OF AFFIDAVIT OF PLAN APPROVAL;  ISSUANCE OF CERTIFICATE OF MERGER OR CONSOLIDATION.  (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.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.560 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.560. Effective Date of Merger or Consolidation

Sec. 882.560.  EFFECTIVE DATE OF MERGER OR CONSOLIDATION.  A merger or consolidation takes effect on the later of:(1)  the date of issuance of the certificate of merger or consolidation;  or(2)  a date specified in the plan of merger or consolidation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.561 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.561. Assumption of Outstanding Insurance Policies

Sec. 882.561.  ASSUMPTION OF OUTSTANDING INSURANCE POLICIES.  (a)  On the effective date of a merger or consolidation under this subchapter, a new or surviving life insurance company resulting from the merger or consolidation assumes each insurance policy outstanding against each company that merges or consolidates on the same terms and under the same conditions as if the policy had continued in force through the original company.(b)  The new or surviving insurance company shall implement the terms of the policy.(c)  The new or surviving insurance company is entitled to:(1)  all rights and privileges under the policy;  and(2)  all reserves and surplus that accumulated on the policy before the merger or consolidation.(d)  A policyholder of a mutual life insurance company that is a party to a merger or consolidation resulting in a new or surviving stock life insurance company is not entitled to any voting rights in the new or surviving company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.562 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.562. Assumption of Liabilities

Sec. 882.562.  ASSUMPTION OF LIABILITIES.  On the effective date of a merger or consolidation under this subchapter, a new or surviving life insurance company resulting from the merger or consolidation assumes all liabilities of the original companies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.563 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.563. Effect of Merger or Consolidation on Property

Sec. 882.563.  EFFECT OF MERGER OR CONSOLIDATION ON PROPERTY.  On the effective date of a merger or consolidation under this subchapter, the property rights, including any right of recovery, of each company that is a party to the merger or consolidation are transferred to the new or surviving life insurance company resulting from the merger or consolidation without a deed or other transfer.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|