Texas Insurance Code 882.558 – Foreign Life Insurance Company; Approval of Plan by Policyholders or Shareholders
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Terms Used In Texas Insurance Code 882.558
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
On notice of approval of a proposed plan under § 882.555, the board of directors of each foreign life insurance company that is a party to the plan shall submit the plan for approval to the company’s policyholders or shareholders as provided by the law of the appropriate jurisdiction.