Texas Insurance Code

§ 829.001 — DEFINITIONS

IN § 829.001Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 829. CONVERSION OF RECIPROCAL OR INTERINSURANCE EXCHANGE TO STOCK COMPANY THROUGH CREATION OF A MUTUAL HOLDING COMPANY · Art. A. GENERAL PROVISIONS

Statute text

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In this chapter:

(1)"Attorney in fact" has the meaning assigned by Section 942.001.

(2)"Board of directors" means, as to an exchange, the board of directors, board of trustees, subscriber advisory committee, or other governing body appointed or elected by the subscribers of an exchange.

(3)"Conversion plan" means a plan adopted under this chapter to convert an exchange to a stock insurance company and form a mutual holding company to hold, directly or indirectly, shares of the resulting company.

(4)"Converting exchange" means an exchange that is converting to a stock insurance company under this chapter.

(5)"Eligible member" means a member of a converting exchange whose policy is in force on the date that the converting exchange's board of directors adopts a conversion plan.

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.