™Your Policy Risk Impact Agent
386 chapters · 7,822 sections in this title.
Tex. Insurance Code § 825.001 Definitions
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Sec. 825.001. DEFINITIONS. In this chapter: (1) "Converting company" means a stock insurance company that converts to a mutual insurance company under this chapter. (2) "Resulting company" means a mutual insurance company to which a stock insurance company converts under this cha…
Tex. Insurance Code § 825.002 Authority To Convert To Mutual Insurance Company
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Sec. 825.002. AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY. (a) A domestic stock insurance company, as defined by law, may convert to a mutual insurance company. (b) To convert to a mutual insurance company, a stock insurance company must implement a plan for the acquisition …
Tex. Insurance Code § 825.051 Contents of Stock Acquisition Plan
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Sec. 825.051. CONTENTS OF STOCK ACQUISITION PLAN. (a) A stock acquisition plan must: (1) be adopted by a vote of a majority of the directors of the corporation at a directors' meeting called for that purpose; (2) be approved by a vote of shareholders representing a majority of th…
Tex. Insurance Code § 825.052 Sufficient Assets Required
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Sec. 825.052. SUFFICIENT ASSETS REQUIRED. The commissioner may not approve a stock acquisition plan or a payment for stock under Section 825.051(b) unless, at the time of the approval, the company has assets equal to at least $500,000 more than the entire liability of the company…