Texas Insurance Code

§ 826.001 — DEFINITIONS

IN § 826.001Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 826. CONVERSION OF MUTUAL INSURANCE COMPANY TO STOCK INSURANCE COMPANY · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Conversion plan" means a plan adopted under this chapter to convert a mutual insurance company into a stock insurance company.

(2)"Converting company" means a domestic mutual insurance company that is converting under this chapter into a domestic stock insurance company.

(3)"Eligible member" means a member of a converting company whose policy is in force on the date that the company's board of directors adopts a conversion plan. The term does not include a person insured under a group policy.

(4)"Mutual insurance company" means a domestic mutual insurance company.

(5)"Participating policy" means a policy issued by a mutual insurance company that grants a holder the right to receive declared dividends.

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Legislative history

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