Sec. 493.052. LIMITATION ON REINSURANCE OF ENTIRE OUTSTANDING BUSINESS. (a) An insurer may not reinsure the insurer's entire outstanding business in an assuming insurer unless the assuming insurer is authorized to engage in the business of insurance in this state.
(b) Before the date of reinsurance:
(1) the reinsurance contract must be submitted to the commissioner; and
(2) the commissioner must approve the contract as fully protecting the interests of all policyholders.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
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