Texas Insurance Code
§ 829.106 — APPROVAL OF PLAN BY COMMISSIONER
IN § 829.106Title 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. C. PLAN ADOPTION AND APPROVAL
Statute text
View on source(a)The commissioner shall approve a conversion plan if the commissioner determines that:
(1)the plan complies with this chapter;
(2)the plan's method of allocating stock subscription rights, stock transfers, or other value, if any, is fair and equitable; and
(3)the resulting company would satisfy the requirements applicable to a domestic stock insurance company for a certificate of authority on the date of the determination.
(b)Except as otherwise provided by this section, the commissioner shall approve or disapprove a conversion plan not later than the 90th day after the first day on which all the documents required under Section 829.103 are filed with the commissioner.
(c)The commissioner may extend the time for decision by an additional 30 days on written notice to the converting exchange. Except as provided under Subsection (e) or (f), the commissioner may not extend the time for decision beyond that 30-day period.
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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.