Texas Insurance Code 882.556 – Approval of Plan by Policyholders
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(a) As soon as practicable after receiving from the commissioner notice of approval of a proposed plan under § 882.555, the board of directors of each mutual life insurance company that is a party to the plan shall submit the plan to the policyholders for a vote at an annual or special meeting.
(b) Not later than the 15th day before the date of the meeting, the company shall provide written notice of the meeting to the policyholders as provided by the company’s bylaws. The notice must:
(1) be sent to the policyholder’s last known address;
(2) state that one of the purposes of the meeting is to vote on the proposed plan; and
(3) be accompanied by a copy of the proposed plan.
Terms Used In Texas Insurance Code 882.556
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) At a meeting under Subsection (a), each policyholder:
(1) is entitled to the number of votes as provided by § 882.155; and
(2) may vote:
(A) in person;
(B) by written proxy; or
(C) by mailed ballot.
(d) A proposed plan is approved by the policyholders on the affirmative vote of at least two-thirds of the votes cast at the meeting.