Texas Insurance Code

§ 826.061 — ALTERNATE CONVERSION PLAN

IN § 826.061Title 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. B. CONVERSION PLAN ADOPTION AND REQUIREMENTS

Statute text

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(a)The board of directors may adopt a conversion plan that does not rely in whole or in part on the issuance of nontransferable subscription rights to members to purchase stock of the resulting company if the commissioner determines that the plan:

(1)complies with this chapter;

(2)is fair and equitable; and

(3)permits the resulting company to satisfy the requirements in effect on the date of the determination for a certificate of authority applicable to a domestic stock insurance company.

(b)The conversion plan may:

(1)include the merger of a domestic mutual insurance company with a domestic or foreign stock insurance company;

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Legislative history

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