Texas § IN.824.005 - COMMISSIONER ACTION ON PLAN
Full text of Texas The Texas Constitution § IN.824.005 — COMMISSIONER ACTION ON PLAN, with citation guidance and answers to common questions.
§ IN.824.005. COMMISSIONER ACTION ON PLAN
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. SUBCHAPTER B. EFFECTIVE DATE OF MERGER OR CONSOLIDATION
Frequently Asked Questions About Texas § IN.824.005
What does The Texas Constitution § IN.824.005 cover?
Section IN.824.005 ("COMMISSIONER ACTION ON PLAN") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.824.005?
A common citation format is "The Texas Constitution § IN.824.005" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.824.005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.