Sec. 824.005. COMMISSIONER ACTION ON PLAN. (a) The commissioner shall hold a hearing on a proposed plan of merger or consolidation not later than the 15th day after the date on which the plan is filed with the commissioner as required by Section 824.004.
(b) Not later than the 15th day after the hearing date, the commissioner shall:
(1) give written approval of the plan to each insurance corporation that is a party to the proposed merger or consolidation; or
(2) disapprove the plan if the commissioner determines that the plan:
(A) is contrary to law; or
(B) would not be in the best interests of the policyholders affected by the plan and would substantially reduce the security of and service to be rendered to policyholders of the insurance corporation in this state or elsewhere.
(c) The commissioner may extend the period during which the commissioner may affirmatively approve or disapprove the proposed plan if representatives of the applicants for the proposed merger or consolidation concur in that extension.
(d) If the commissioner disapproves a proposed plan, the commissioner shall specify in detail the reasons for that disapproval.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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