Texas Insurance Code

§ 941.353 — REQUIREMENTS OF CONVERSION PLAN

IN § 941.353Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 941. LLOYD'S PLAN · Art. H. CONVERSION TO CAPITAL STOCK INSURANCE COMPANY

Statute text

View on source

The conversion plan must provide that a capital stock insurance company will be formed in accordance with Chapter 822, except that:

(1)the company's required minimum capital and surplus must equal the required minimum guaranty fund and surplus of the Lloyd's plan;

(2)the company's assets may be in cash or in the form of an investment lawfully held by the Lloyd's plan; and

(3)an original examination under Section 822.058(b) is not required unless directed by the commissioner.

Legislative history

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