Texas Insurance Code

§ 829.003 — RIGHTS AND PRIVILEGES OF RESULTING COMPANY; LAWS APPLICABLE

IN § 829.003Title 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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Except as provided by this chapter, the resulting company:

(1)may exercise only the rights and privileges of a stock insurance company; and

(2)is subject to:

(A)all of the requirements and rules imposed on stock insurance companies organized under this code; and

(B)the laws of this state relating to the regulation or supervision of insurance companies.

Legislative history

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