Tex. Ins. Code § 825.002

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 825.002 - Authority to Convert to Mutual Insurance Company

(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.

(c) In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase.

Tex. Ins. Code § 825.002

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.