Texas Insurance Code 941.355 – Conversion of Member of Holding Company System
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 941.355
- 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
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.