Texas Insurance Code
§ 826.104 — NOTICE TO ELIGIBLE MEMBERS; COMMENTS
IN § 826.104Title 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. C. ADOPTION OF CONVERSION PLAN
Statute text
View on source(a)Not later than the 10th business day after the date of filing with the commissioner the documents required under Section 826.101, the converting company shall send to each eligible member a notice advising the member of:
(1)the adoption and filing of the conversion plan; and
(2)the member's right to comment on the plan to the commissioner and the converting company.
(b)The notice must include a description of the procedure to be used in making comments. An eligible member who elects to make comments must make the comments in writing not later than the 30th day after the date on which the notice is sent.
(c)Not later than the 60th day after the date of the commissioner's approval of the plan, the converting company shall send to each eligible member notice of the members' meeting to vote on the conversion plan. The notice must be sent to the member's last known address, as shown on the converting company's records, before the 30th day preceding the date set for the meeting. The notice must:
(1)briefly but fairly describe the proposed conversion plan; and
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.