Tex. Ins. Code § 941.353 · Subchapter H. CONVERSION TO CAPITAL STOCK INSURANCE COMPANY
REQUIREMENTS OF CONVERSION PLAN.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm
- Text hash
- sha256 1c28a495dcf9863f36e2592ece2cd980f81aa00873ca6728faeec92bbb0f2282
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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Insurance Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.