Court Opinion

ID: 4136909
Source: CourtListenerOpinion
Date Created: 2017-02-18 02:18:54.075249+00
Date Added: 2024-06-11T08:45:36.862719
License: Public Domain

.   ”

                                        ‘arrwTYis   a,. Tkxan

                                          March     26, 1957

        Hon. John Osorio, Chairman                        Opinion No. WW772
        Board of Insurance Commissioners
        International Life Building                       Re:   Whether Article     14.61 of /
        Austin, Texas                                           the Texas Insurance      Code
                                                                authori5e.S a mutual ~assess-
                                                                paant 855ociatiOn to Yriin-
                                                                sure* one 0r:more      of its
                                                                groups, and at~th5 same
                                                                time continue its corporate
                                                                exis+ce     by the retention
                                                                of another group, club or
                                                                c&as which is not made
                                                                tibject  to the reinsurance
        Dear Sir:                                               ag,reemen$

                          You have asked our opinion as to whether. a mutual assess-
        ment association    is authorized by Article   14.61, Texas Insursnce   ,Code, to
        “reinsure”    one of its groups, clubs, or classes,   and at the same time con-
        tinue its corporate    existence as a mutual assessment     association by the re-
        tention of another group, club, or class. which is not made subject to the
        “reinsurance”    agreement.

                        A mutual assessment        association    is an association    of indi-
        viduals or group5 of individuals fn tbi ,busiaess ,d q+adly             protecting or
        insuring their lives by assessmsnts        made npoe ruch members            No stat-e-
        wide mutual assessment      association    has been created since 1933, is the
        Legislature  saw fit at that time to p+iblt        tlmfprtber’forqnstioa     of such
        companies.    Acts 1933,43rd     Leg., C+, 24S,