reglab/housing_qa huggingface dataset:
TX Ins Code § 824.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter C. Effect of Merger or Consolidation|Section 824.101. Effect of Merger or Consolidation on Outstanding Insurance Policies

Sec. 824.101.  EFFECT OF MERGER OR CONSOLIDATION ON OUTSTANDING INSURANCE POLICIES.  (a)  A new or surviving corporation resulting from a merger or consolidation shall assume each insurance policy outstanding against each insurance corporation that merges or consolidates on the same terms and under the same conditions as if the policy had continued in force through the original corporation.(b)  The new or surviving insurance corporation shall implement the terms of the policy.(c)  The new or surviving insurance corporation is entitled to:(1)  all rights and privileges under the policy;  and(2)  all reserves that accumulated on the policy before the merger or consolidation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.102 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter C. Effect of Merger or Consolidation|Section 824.102. Effect of Merger or Consolidation on Certain Investments

Sec. 824.102.  EFFECT OF MERGER OR CONSOLIDATION ON CERTAIN INVESTMENTS.  (a)  This section applies to each investment of an affected corporation, 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 insurance corporation was organized, for investment of funds of an insurance corporation;  and(2)  is taken over by the new or surviving corporation under the terms of the merger or consolidation.(b)  On the merger or consolidation of two or more insurance corporations under this chapter, an investment of the affected corporations described by Subsection (a) is a proper asset under the laws of this state of the new or surviving corporation if the investment is:(1)  approved by the commissioner;  and(2)  taken over on terms satisfactory to the commissioner.(c)  A new or surviving corporation 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 must sell and dispose of the excess real property:(1)  within the period specified by those sections;  or(2)  within a longer period if the corporation obtains a certificate from the commissioner:(A)  stating that the interests of the corporation will materially suffer by the forced sale of the affected real property;  and(B)  specifying the longer period for the sale of the excess real property.(d)  This section does not preclude the designation and use of the acquired excess real property as branch offices in accordance with this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.103 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter C. Effect of Merger or Consolidation|Section 824.103. Retirement and Cancellation of Treasury Shares

Sec. 824.103.  RETIREMENT AND CANCELLATION OF TREASURY SHARES.  (a)  After a merger or consolidation is completed, any shares of the new or surviving corporation acquired by that corporation as a result of distribution of shares to the shareholders of another corporation that is merged or consolidated or as a result of purchase of shares of dissenting shareholders, may be held as treasury shares until the first anniversary of the date on which the merger or consolidation takes effect.(b)  After the period during which shares described by Subsection (a) are held as treasury shares, the corporation shall retire and cancel those shares by proper amendments to its charter if the shares have not previously been reissued.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.104 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter C. Effect of Merger or Consolidation|Section 824.104. Effect on Antitrust Laws

Sec. 824.104.  EFFECT ON ANTITRUST LAWS.  This chapter 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 § 824.151 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter D. Merger or Consolidation of Life Insurance Corporations|Section 824.151. Purchase of Outstanding Shares by Life Insurance Corporation

Sec. 824.151.  PURCHASE OF OUTSTANDING SHARES BY LIFE INSURANCE CORPORATION.  (a)  A life insurance corporation may purchase or contract to purchase all or part of the outstanding shares of another life insurance corporation for purposes of merger or consolidation.(b)  Except as provided by Section 824.152, the provisions of Subchapter D, Chapter 425, that limit investments in the corporate stock of another corporation do not apply to a purchase made under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.013, eff. April 1, 2009.|
TX Ins Code § 825.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter A. General Provisions|Section 825.001. Definitions

Sec. 825.001.  DEFINITIONS.  In this chapter:(1)  "Converting company" means a stock insurance company that converts to a mutual insurance company under this chapter.(2)  "Resulting company" means a mutual insurance company to which a stock insurance company converts under this chapter.(3)  "Stock acquisition plan" means a converting company's plan for the acquisition of shares of its capital stock.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter A. General Provisions|Section 825.002. Authority to Convert to Mutual Insurance Company

Sec. 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.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.051. Contents of Stock Acquisition Plan

Sec. 825.051.  CONTENTS OF STOCK ACQUISITION PLAN.  (a)  A stock acquisition plan must:(1)  be adopted by a vote of a majority of the directors of the corporation at a directors' meeting called for that purpose;(2)  be approved by a vote of shareholders representing a majority of the capital stock at a meeting of shareholders called for that purpose;(3)  enable each shareholder to dispose of the same proportion of the shareholder's holdings at the same price per share and on the same terms as any other shareholder;(4)  be approved by a vote of the majority of the policyholders eligible under Section 825.054 to participate at a meeting of the policyholders called for that purpose;  and(5)  be submitted to the commissioner and approved by the commissioner in writing.(b)  If the purchase price for the company's acquisition of shares of its capital stock is not set by the stock acquisition plan, each payment for those shares is subject to the commissioner's approval.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.052. Sufficient Assets Required

Sec. 825.052.  SUFFICIENT ASSETS REQUIRED.  The commissioner may not approve a stock acquisition plan or a payment for stock under Section 825.051(b) unless, at the time of the approval, the company has assets equal to at least $500,000 more than the entire liability of the company, including the net values of its outstanding contracts computed as required by law, and all funds and contingent reserves, after deducting:(1)  the aggregate amount allocated by the plan for the acquisition of any part or all of its capital stock, to be paid in cash or other assets of the company;  and(2)  the amount of any payment not set by the plan and subject to separate approval by the commissioner after the approval of the plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.053. Stock Acquisition Plan Approval

Sec. 825.053.  STOCK ACQUISITION PLAN APPROVAL.  A policyholders' meeting for approval of a stock acquisition plan may not be called until Sections 825.051(a)(1) and (2) are satisfied.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.054. Policyholder Eligibility

Sec. 825.054.  POLICYHOLDER ELIGIBILITY.  To be eligible to participate in a policyholders' meeting held to approve a stock acquisition plan, a policyholder must have insurance coverage issued by the converting company that:(1)  is in the amount of at least $1,000;(2)  is in force on the date of the policyholders' meeting;  and(3)  has been in force for at least one year before the date of the policyholders' meeting.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.055. Policyholders' Meeting

Sec. 825.055.  POLICYHOLDERS' MEETING.  (a)  A converting company shall give notice of the policyholders' meeting to each eligible policyholder.(b)  The notice must be mailed from the home office of the converting company not later than the 31st day before the scheduled date of the meeting in a sealed envelope, postage prepaid, to the policyholder at the policyholder's last known mailing address.(c)  The policyholders' meeting shall be conducted in the manner provided by the stock acquisition plan.(d)  The commissioner shall supervise and direct the procedure of the policyholders' meeting.  The converting company shall pay all necessary expenses incurred by the commissioner as certified by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.056 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter B. Stock Acquisition Plan|Section 825.056. Policyholder Voting

Sec. 825.056.  POLICYHOLDER VOTING.  (a)  A policyholder may vote in person, by proxy, or by mail.  All votes must be cast by ballot.(b)  The commissioner shall appoint an adequate number of inspectors to conduct the voting at the policyholders' meeting.(c)  The inspectors determine all questions concerning the verification of the ballots, the validity of the ballots, the qualification of the voters, and the canvass of the vote and shall certify the results to the commissioner and the converting company.(d)  An inspector shall act under rules prescribed by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter C. Acquisition of Shares|Section 825.101. Issuance of Annuity Bonds in Payment of Stock

Sec. 825.101.  ISSUANCE OF ANNUITY BONDS IN PAYMENT OF STOCK.  (a)  A stock acquisition plan may provide that all or part of the purchase price of any part or all of the shares of stock of a converting company that are acquired by the company under the plan may be paid by the company through the issuance of annuity bonds payable in annual amounts and for the term provided by the plan.(b)  Each annuity bond issued under Subsection (a) must expressly provide, on the face of the bond, that the bond is payable only out of the surplus of the converting company remaining after all liabilities, including reserves, are provided for and is not otherwise a liability or claim against the converting company or any of its assets, as provided by Section 882.253.(c)  Not more than three-fourths of the net earnings of the converting company during any calendar year may be used or applied to the payment of the annuity bonds.(d)  On the approval of the commissioner, the company issuing the annuity bonds or any life insurance company may invest its funds in the annuity bonds.  The investment in the annuity bonds may not at any time exceed 10 percent of the company's total admitted assets.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.102 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter C. Acquisition of Shares|Section 825.102. Acquisition in Trust

Sec. 825.102.  ACQUISITION IN TRUST.  (a)  Until all of the shares of a converting company are acquired, any shares acquired under the stock acquisition plan shall be held in trust for the policyholders of the converting company by three trustees appointed as provided by the stock acquisition plan.(b)  Each appointee must file with the converting company a verified acceptance of the appointment and a declaration that the appointee will faithfully discharge the appointee's duties.(c)  The shares shall be assigned and transferred on the books of the converting company to the trustees.  The trustees shall vote the shares at each meeting at which shareholders are entitled to vote, until all the capital stock of the converting company is canceled under Section 825.104.(d)  After paying the necessary expenses of executing the trust, the trustees shall immediately pay all dividends and other amounts received on the shares of stock acquired under Section 825.101 to the converting company for the benefit of those who are or become policyholders of the resulting company entitled to participate in the profits of the resulting company.(e)  All amounts received by the converting company under Subsection (d) shall be added to the surplus earned by the resulting company and accordingly are apportionable as a part of the surplus among the resulting company's policyholders.(f)  A vacancy among the trustees shall be filled as provided by the stock acquisition plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.103 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter C. Acquisition of Shares|Section 825.103. Distribution of Dividends

Sec. 825.103.  DISTRIBUTION OF DIVIDENDS.  After conversion, the converting company shall annually distribute among its policyholders, under terms approved by the commissioner, dividends or earnings accruing to the converting company as the result of the acquisition of shares of the converting company's stock under this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 825.104 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company|Subchapter C. Acquisition of Shares|Section 825.104. Conversion Complete on Cancellation of Stock; Application of Certain Laws

Sec. 825.104.  CONVERSION COMPLETE ON CANCELLATION OF STOCK;  APPLICATION OF CERTAIN LAWS.  (a)  When the converting company acquires all of its capital stock and the purchase price for that stock, including any annuity bond issued for the purchase of the stock, is paid in full, the stock shall be canceled.(b)  On cancellation of the stock, the converting company becomes a mutual insurance company without capital stock and is subject to the laws of this state governing mutual insurance companies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter A. General Provisions|Section 826.001. Definitions

Sec. 826.001.  DEFINITIONS.  In this chapter:(1)  "Conversion plan" means a plan adopted under this chapter to convert a mutual insurance company into a stock insurance company. (2)  "Converting company" means a domestic mutual insurance company that is converting under this chapter into a domestic stock insurance company.(3)  "Eligible member" means a member of a converting company whose policy is in force on the date that the company's board of directors adopts a conversion plan.  The term does not include a person insured under a group policy.(4)  "Mutual insurance company" means a domestic mutual insurance company.(5)  "Participating policy" means a policy issued by a mutual insurance company that grants a holder the right to receive declared dividends.(6)  "Resulting company" means a domestic stock insurance company that has converted under this chapter from a domestic mutual insurance company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter A. General Provisions|Section 826.002. Authority to Convert to Stock Insurance Company

Sec. 826.002.  AUTHORITY TO CONVERT TO STOCK INSURANCE COMPANY.  (a)  A mutual insurance company may convert to a stock insurance company.(b)  A converting company may not engage in the business of insurance as a stock insurance company until it complies with the requirements of this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter A. General Provisions|Section 826.003. Rights and Privileges of Resulting Company; Laws Applicable

Sec. 826.003.  RIGHTS AND PRIVILEGES OF RESULTING COMPANY;  LAWS APPLICABLE.  Except as provided by this chapter, a resulting company:(1)  may exercise only the rights and privileges of a stock insurance company;  and(2)  is subject to:(A)  all of the requirements and rules imposed on stock insurance companies organized under this code;  and(B)  the laws of this state relating to the regulation or supervision of insurance companies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.004 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter A. General Provisions|Section 826.004. Certain Conversions Prohibited

Sec. 826.004.  CERTAIN CONVERSIONS PROHIBITED.  A mutual insurance company may not convert to a stock insurance company under this chapter if, as a direct result of the conversion, any affiliate or other person acquires control of the resulting company, unless that affiliate or person complies with Section 823.154.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.005 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter A. General Provisions|Section 826.005. Corporate Existence

Sec. 826.005.  CORPORATE EXISTENCE.  (a)  On the effective date of a conversion under this chapter:(1)  the corporate existence of the converting company continues in the resulting company;(2)  all assets, rights, franchises, and interests of the converting company in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer;  and(3)  the resulting company assumes all the obligations and liabilities of the converting company.(b)  Except as otherwise specified by the conversion plan, the directors and officers of the converting company serving on the effective date of the conversion serve as directors and officers of the resulting company until new directors and officers are elected under the articles of incorporation and bylaws of the resulting company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 826 - Conversion of Mutual Insurance Company to Stock Insurance Company|Subchapter B. Conversion Plan Adoption and Requirements|Section 826.051. Plan Adoption

Sec. 826.051.  PLAN ADOPTION.  (a)  To convert to a stock insurance company a mutual insurance company must adopt, by the affirmative vote of at least two-thirds of the members of its board of directors, a conversion plan consistent with this chapter.(b)  For a conversion plan to take effect:(1)  the commissioner must approve the conversion plan;  and(2)  the eligible members must approve the conversion plan and adopt the amended or restated articles of incorporation of the resulting company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|