ACTION AFTER AGREEMENT RATIFICATION.
Tex. INS Code § 884.559.
in effect(a) After ratification of the reinsurance agreement under Section 884.556 , the mutual assessment company shall cease doing business and shall transfer all of its assets to the assuming stipulated premium company.
(b) The stipulated premium company shall assume:
(1) all policy liability in accordance with the reinsurance agreement; and
(2) all other liabilities in accordance with the method of payment of those liabilities.
(c) On transfer of a mutual assessment company's assets:
(1) the company shall promptly surrender its certificate of authority and charter to the department; and
(2) the company's corporate existence ceases.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.