- (a) A stipulated premium company that enters into a total direct reinsurance agreement under Section 884.501 or 884.502 under which it is the ceding company shall promptly surrender its certificate of authority to the department.
- (b) The stipulated premium company's shareholders and board of directors shall effect the company's dissolution.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.