Texas Insurance Code

§ 882.751 — AUTHORITY TO CONVERT

IN § 882.751Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. P. CONVERSION OF MUTUAL LIFE INSURANCE COMPANY TO INSURANCE HOLDING COMPANY AND STOCK LIFE INSURANCE COMPANY

Statute text

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A mutual life insurance company organized or operating under this chapter may convert by forming an insurance holding company based on a mutual plan and continuing the corporate existence of the converting mutual life insurance company as a stock life insurance company if the commissioner:

(1)determines that the conversion is fair and equitable to the policyholders of the converting company; and

(2)approves the proposed plan of conversion.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.