Sec. 884.501. DIRECT REINSURANCE AGREEMENTS BETWEEN STIPULATED PREMIUM COMPANIES. (a) Stipulated premium companies organized under this chapter may enter into a total or partial direct reinsurance agreement if the company assuming the policies under the agreement is authorized to transact the kinds of insurance provided by those policies.
(b) Before a stipulated premium company may enter into a total direct reinsurance agreement:
(1) the company must submit the agreement to the department; and
(2) the department must approve the agreement as fully protecting the interests of all the holders of policies being assumed.
(c) A partial direct reinsurance agreement shall be filed with the department before the effective date of the agreement.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
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