Sec. 884.502.  DIRECT REINSURANCE AGREEMENT WITH LEGAL RESERVE COMPANY.  (a)  A stipulated premium company may enter into a total or partial direct reinsurance agreement with a legal reserve life insurance company authorized to engage in the business of insurance in this state.
(b)  Before a reinsurance agreement under this section may take effect, it must be:
(1)  approved by a majority vote of the board of directors of each company;
(2)  submitted to the department;  and
(3)  approved by the department as complying with Section 884.503 or 884.504, as applicable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.