Texas Insurance Code 941.353 – Requirements of Conversion Plan
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Terms Used In Texas Insurance Code 941.353
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.