Texas Insurance Code 825.002 – Authority to Convert to Mutual Insurance Company
Current as of: 2024 | Check for updates
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(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 of shares of its capital stock.
Terms Used In Texas Insurance Code 825.002
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(c) In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase.