reglab/housing_qa huggingface dataset:
TX Ins Code § 882.564 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.564. Effect of Merger or Consolidation on Certain Investments

Sec. 882.564.  EFFECT OF MERGER OR CONSOLIDATION ON CERTAIN INVESTMENTS.  (a)  This section applies to each investment of an affected life insurance company, including an investment in real property, that:(1)  was authorized as a proper asset, as of the date on which the investment was made and under the laws of the state in which the company was organized, for investment of funds of a life insurance company;  and(2)  is taken over by the new or surviving company under the terms of the merger or consolidation.(b)  On the effective date of a merger or consolidation of two or more life insurance companies under this subchapter, an investment of the affected companies described by Subsection (a) is a proper asset under the laws of this state of the new or surviving company if the investment is:(1)  approved by the commissioner;  and(2)  taken over on terms satisfactory to the commissioner.(c)  A new or surviving company that acquires, under the terms of the merger or consolidation, real property that exceeds the amount of real property permitted by the applicable sections of this code relating to owning or holding real property shall sell or dispose of the excess real property:(1)  within the period specified by those sections;  or(2)  within a longer period if the company obtains a certificate from the commissioner:(A)  stating that the interests of the company will materially suffer by the forced sale or other disposition of the real property;  and(B)  specifying the longer period for the sale or other disposition of the real property.(d)  This section does not preclude the designation and use of the excess real property as branch offices of the company in accordance with this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.565 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.565. Effect of Merger or Consolidation on Divisible Surplus

Sec. 882.565.  EFFECT OF MERGER OR CONSOLIDATION ON DIVISIBLE SURPLUS.  (a)  This section applies only to a mutual life insurance company that is a new company or the surviving company resulting from a merger or consolidation under this subchapter.(b)  If the divisible surplus of each domestic mutual life insurance company that is a party to a merger or consolidation under this subchapter was available for allocation to policyholders as provided by Subchapter H immediately before the effective date of the merger or consolidation, the divisible surplus remains available to the policyholders of the new or surviving mutual life insurance company resulting from the merger or consolidation as provided by Subchapter H.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.566 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter L. Mergers and Consolidations|Section 882.566. Effect on Antitrust Laws

Sec. 882.566.  EFFECT ON ANTITRUST LAWS.  This subchapter does not affect in any manner the antitrust laws of this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.601 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.601. Authority to Convert to Stock Legal Reserve Life Insurance Company; Policyholder Authorization Required

Sec. 882.601.  AUTHORITY TO CONVERT TO STOCK LEGAL RESERVE LIFE INSURANCE COMPANY;  POLICYHOLDER AUTHORIZATION REQUIRED.  A mutual life insurance company organized under this chapter may convert to a stock legal reserve life insurance company as provided by this subchapter only if the conversion is approved by the policyholders by a vote of at least two-thirds of the votes cast by the policyholders in person or by proxy at a meeting called for that purpose.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.602 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.602. Amendment to Charter or Articles of Incorporation Required

Sec. 882.602.  AMENDMENT TO CHARTER OR ARTICLES OF INCORPORATION REQUIRED.  If the policyholders of a mutual life insurance company authorize a conversion under Section 882.601, the board of directors and officers of the company shall amend the company's charter or articles of incorporation to comply with the requirements applicable to a stock legal reserve life insurance company under Chapter 841.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.603 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.603. Capital and Surplus Requirements

Sec. 882.603.  CAPITAL AND SURPLUS REQUIREMENTS.  (a)  The capital and surplus of the converted stock legal reserve life insurance company must be at least equal to the minimum capital and surplus required for the organization of a stock legal reserve life insurance company under Chapter 841.(b)  If a contribution of United States currency is necessary to meet the capital and surplus requirements of this section, the contribution must be made before the effective date of the conversion.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.604 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.604. Hearing

Sec. 882.604.  HEARING.  (a)  After public notice, the commissioner shall hold a hearing on a conversion authorized under Section 882.601.(b)  Any policyholder of the mutual life insurance company that is the subject of the conversion is entitled to appear and be heard at the hearing.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.605 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.605. Conversion on Commissioner Approval

Sec. 882.605.  CONVERSION ON COMMISSIONER APPROVAL.  A mutual life insurance company is converted to a stock legal reserve life insurance company if:(1)  the company complies with this subchapter;  and(2)  after hearing, the conversion is approved by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.606 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.606. Applicable Law After Conversion

Sec. 882.606.  APPLICABLE LAW AFTER CONVERSION.  After a mutual life insurance company is converted to a stock legal reserve life insurance company, the converted company is governed in the same manner as a company organized under Chapter 841.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.607 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter M. Conversion of Mutual Life Insurance Company to Stock Legal Reserve Life Insurance Company|Section 882.607. Other Types of Conversion Not Prohibited

Sec. 882.607.  OTHER TYPES OF CONVERSION NOT PROHIBITED.  This subchapter does not prohibit a mutual life insurance company from converting to a stock legal reserve life insurance company by:(1)  merger or consolidation;(2)  a total direct or assumption reinsurance agreement;  or(3)  any other plan or procedure approved by the company's policyholders and the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.651 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter N. Conversion of Certain Mutual Assessment Companies or Associations to Mutual Life Insurance Companies|Section 882.651. Authority to Convert

Sec. 882.651.  AUTHORITY TO CONVERT.  A mutual assessment company or association organized and operating under the laws of this state on May 17, 1943, may convert to a mutual life insurance company as provided by this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.652 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter N. Conversion of Certain Mutual Assessment Companies or Associations to Mutual Life Insurance Companies|Section 882.652. Voluntary Conversion

Sec. 882.652.  VOLUNTARY CONVERSION.  The department may not require a mutual assessment company or association to convert to a mutual life insurance company under this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.653 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter N. Conversion of Certain Mutual Assessment Companies or Associations to Mutual Life Insurance Companies|Section 882.653. Conversion Requirements

Sec. 882.653.  CONVERSION REQUIREMENTS.  Except as provided by Section 882. 654, a mutual assessment company or association may convert to a mutual life insurance company only if the company or association:(1)  possesses an unencumbered surplus of at least $1.4 million;  and(2)  complies with the requirements of this chapter, including the requirements that the company or association execute articles of incorporation and obtain a charter and a certificate of authority.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.654 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter N. Conversion of Certain Mutual Assessment Companies or Associations to Mutual Life Insurance Companies|Section 882.654. Exemption From Surplus Requirements

Sec. 882.654.  EXEMPTION FROM SURPLUS REQUIREMENTS.  (a)  A mutual assessment company or association is exempt from the surplus requirements of Section 882.653 if the company or association:(1)  possesses an unencumbered surplus of at least $200,000;  and(2)  converted to a mutual life insurance company before September 1, 1999.(b)  A mutual assessment company or association that is exempt under Subsection (a) and that was converted on or after September 1, 1989, shall immediately increase its surplus to an amount that satisfies Section 882.653 on:(1)  a change of control of at least 50 percent of the voting securities of the converted company or association;  or(2)  if the converted company or association or the holding company that controls the converted company or association, if any, is not controlled by voting securities, a change of at least 50 percent of the ownership of the converted company or association or its holding company.(c)  For purposes of Subsection (b), a transfer of ownership because of death, regardless of whether the decedent died testate or intestate, is not considered a change of control of a converted mutual assessment company or association or its holding company, if ownership is transferred only to one or more individuals, each of whom would have been an heir of the decedent if the decedent had died intestate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.655 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter N. Conversion of Certain Mutual Assessment Companies or Associations to Mutual Life Insurance Companies|Section 882.655. Applicable Law After Conversion

Sec. 882.655.  APPLICABLE LAW AFTER CONVERSION.  After a mutual assessment company or association is converted to a mutual life insurance company, the converted company is governed by this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.701 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter O. Enforcement Provisions|Section 882.701. Applicability of Subchapter

Sec. 882.701.  APPLICABILITY OF SUBCHAPTER.  This subchapter does not apply to a mutual life insurance company organized under this chapter that has a surplus of at least the minimum amount of capital and surplus required of a capital stock company under Sections 841.054, 841.204, 841.205, 841.301, and 841.302.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.702 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter O. Enforcement Provisions|Section 882.702. Investment and Deposit of Funds; Criminal Penalty

Sec. 882.702.  INVESTMENT AND DEPOSIT OF FUNDS;  CRIMINAL PENALTY.  (a)  A person commits an offense if the person is an officer or director of a mutual life insurance company and the person knowingly or wilfully violates or assents to the violation of Section 882.252.(b)  An offense under this section is punishable by imprisonment in the Texas Department of Criminal Justice for a term of not more than five years or less than one year.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 25.121, eff. September 1, 2009.|
TX Ins Code § 882.703 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter O. Enforcement Provisions|Section 882.703. Policy Form; Revocation of Certificate

Sec. 882.703.  POLICY FORM;  REVOCATION OF CERTIFICATE.  The department shall revoke the certificate of authority of a mutual life insurance company that issues a policy on a form that has not been approved by the department as required by Section 882.453.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.751 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.751. Authority to Convert

Sec. 882.751.  AUTHORITY TO CONVERT.  A mutual life insurance company organized or operating under this chapter may convert by forming an insurance holding company based on a mutual plan and continuing the corporate existence of the converting mutual life insurance company as a stock life insurance company if the commissioner:(1)  determines that the conversion is fair and equitable to the policyholders of the converting company; and(2)  approves the proposed plan of conversion.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.|
TX Ins Code § 882.752 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.752. Application of Other Law

Sec. 882.752.  APPLICATION OF OTHER LAW.  Except to the extent of a conflict with this subchapter, Chapter 826 applies to conversion of a mutual life insurance company under this subchapter.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.|
TX Ins Code § 882.753 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.753. Jurisdiction of Commissioner

Sec. 882.753.  JURISDICTION OF COMMISSIONER.  The commissioner retains jurisdiction over a company that converts under this subchapter.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.|
TX Ins Code § 882.754 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.754. Incorporation Requirements

Sec. 882.754.  INCORPORATION REQUIREMENTS.  A mutual insurance holding company that results from a conversion under this subchapter must be incorporated under and subject to this chapter and Chapter 22, Business Organizations Code.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.|
TX Ins Code § 882.755 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.755. Articles of Incorporation

Sec. 882.755.  ARTICLES OF INCORPORATION.  The articles of incorporation of a mutual insurance holding company that results from a conversion under this subchapter, and any amendments to the articles of incorporation, are subject to approval by the commissioner.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.|
TX Ins Code § 882.756 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter P. Conversion of Mutual Life Insurance Company to Insurance Holding Company and Stock Life Insurance Company|Section 882.756. Sale of Securities

Sec. 882.756.  SALE OF SECURITIES.  (a)  A sale, issuance, or offering of securities under this subchapter is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code).(b)  An officer, director, or employee of a mutual life insurance company or a mutual insurance holding company or stock life insurance company resulting from a conversion under this subchapter who participates in the conversion is exempt from the registration and licensing provisions of The Securities Act (Title 12, Government Code).  A person may not receive compensation, other than that person's usual salary or compensation, for services performed under the exemption provided by this subsection.|Added by Acts 2005, 79th Leg., Ch. 82 (S.B. 449), Sec. 1, eff. September 1, 2005.Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.33, eff. January 1, 2022.|
TX Ins Code § 883.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 883.001. Definitions

Sec. 883.001.  DEFINITIONS.  In this chapter:(1)  "Domestic mutual insurance company" means a mutual insurance company organized under this chapter.(2)  "Foreign mutual insurance company" means a mutual insurance company organized under the laws of a jurisdiction other than this state and authorized to engage in the business of insurance on a mutual plan in any state, district, or territory.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 883.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 883.002. Applicability of Certain General Laws

Sec. 883.002.  APPLICABILITY OF CERTAIN GENERAL LAWS.  (a)  Except as otherwise provided by law, domestic and foreign mutual insurance companies organized or operating under this chapter are subject to the laws applicable to:(1)  a stock insurance company engaging in the same kind of insurance;(2)  investments;(3)  valued policies;(4)  policy forms and rates;(5)  reciprocal or retaliatory laws;(6)  insolvency and liquidation;  and(7)  publication and defamatory statements.(b)  This chapter does not exempt a domestic mutual insurance company from being subject to other laws of this state governing the incorporation, organization, regulation, and operation of a company or organization writing insurance in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 883.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 883.003. Applicability of Texas Non-Profit Corporation Act

Sec. 883.003.  APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT.  Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a domestic mutual insurance company.  The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to mutual insurance companies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|