Texas Insurance Code

§ 825.002 — AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY

IN § 825.002Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 825. CONVERSION OF STOCK INSURANCE COMPANY TO MUTUAL INSURANCE COMPANY · Art. A. GENERAL PROVISIONS

Statute text

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(a)A domestic stock insurance company, as defined by law, may convert to a mutual insurance company.

(b)To convert to a mutual insurance company, a stock insurance company must implement a plan for the acquisition of shares of its capital stock.

(c)In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.