Texas Insurance Code

§ 941.355 — CONVERSION OF MEMBER OF HOLDING COMPANY SYSTEM

IN § 941.355Title 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

If the Lloyd's plan is a member of a holding company system identified in registration information that the Lloyd's plan filed with the department in accordance with Chapter 823, the rights and interests of the underwriters in the capital stock insurance company may be assigned at the time of conversion to any affiliated person in that holding company system. An assignment under this subsection is not:

(1)a change in control for the purposes of Section 822.212; or

(2)an acquisition of control for the purposes of Chapter 823.

Legislative history

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