Texas Insurance Code

§ 887.455 — COMPLETION AND LEGAL EFFECT OF CONVERSION OR REINSURANCE

IN § 887.455Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. J. CONVERSION TO LEGAL RESERVE INSURANCE COMPANY

Statute text

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(a)An association's conversion or reinsurance is complete when the association has:

(1)complied with all laws regulating the incorporation of a mutual legal reserve insurance company; and

(2)received from the commissioner its charter and certificate of authority to engage in business as a mutual insurance company.

(b)An association that converts or reinsures to a mutual legal reserve insurance company:

(1)is considered by law to have each right, privilege, power, or authority of any other mutual legal reserve company;

(2)is considered by law to be a continuation of the business of the association; and

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.