Tex. Ins. Code § 941.353

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

Section 941.353 - Requirements of Conversion Plan

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.

Tex. Ins. Code § 941.353

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