Texas Insurance Code 882.601 – Authority to Convert to Stock Legal Reserve Life Insurance Company; Policyholder Authorization Required
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Terms Used In Texas Insurance Code 882.601
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
A mutual life insurance company organized under this chapter may convert to a stock legal reserve life insurance company as provided by this subchapter only if the conversion is approved by the policyholders by a vote of at least two-thirds of the votes cast by the policyholders in person or by proxy at a meeting called for that purpose.