reglab/housing_qa huggingface dataset:
TX Ins Code § 885.406 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.406. Publication of Valuation and Condition

Sec. 885.406.  PUBLICATION OF VALUATION AND CONDITION.  A fraternal benefit society shall publish, in the society's official paper, a statement of:(1)  the valuation provided by Sections 885.403 and 885.405;  and(2)  an explanation of the facts concerning the society's condition disclosed by that valuation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.408 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.408. Reserves for Accident and Health Insurance

Sec. 885.408.  RESERVES FOR ACCIDENT AND HEALTH INSURANCE.  (a)  A fraternal benefit society shall establish reserves for the types of coverage specified by Sections 885.301(a)(4) and (5) in the same manner and to the same extent as required for a company organized under Chapter 841.(b)  Sections 425.203-425.228 apply to reserve investments for a domestic fraternal benefit society.|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.096, eff. April 1, 2009.|
TX Ins Code § 885.409 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.409. Reporting of Reserves

Sec. 885.409.  REPORTING OF RESERVES.  The report of a fraternal benefit society under Section 885.401 must show as a liability the reserves required by this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.410 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.410. Examination of Domestic Fraternal Benefit Societies

Sec. 885.410.  EXAMINATION OF DOMESTIC FRATERNAL BENEFIT SOCIETIES.  A domestic fraternal benefit society is subject to:(1)  Subchapter A, Chapter 86;(2)  Subchapter A, Chapter 401; and(3)  Sections 401.051, 401.052, 401.054-401.062, 401.151, 401.152, 401.155, and 401.156.|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.097, eff. April 1, 2009.|
TX Ins Code § 885.411 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.411. Examination of Foreign Fraternal Benefit Societies

Sec. 885.411.  EXAMINATION OF FOREIGN FRATERNAL BENEFIT SOCIETIES.  (a)  The commissioner or a person appointed by the commissioner may examine a foreign fraternal benefit society transacting or applying for admission to engage in business in this state.  The commissioner may employ assistants for this purpose.(b)  The commissioner or a person appointed by the commissioner to examine a foreign fraternal benefit society:(1)  is entitled to free access to all books, papers, and documents that relate to the business of the society;  and(2)  may summon, qualify as witnesses under oath, and examine the society's officers, agents, and employees and other persons in relation to the affairs, transactions, and conditions of the society.(c)  Instead of an examination under this section, the commissioner may accept the examination of the insurance department of the state, territory, district, province, or country in which a foreign fraternal benefit society is organized.(d)  If a foreign fraternal benefit society or the society's officers refuse to permit an examination under this section or to comply with the provisions of law relating to an examination, the commissioner shall suspend the society's authority to write new business in this state or refuse the society's application for a certificate of authority.  A suspension or refusal under this subsection continues until the commissioner receives satisfactory evidence relating to the condition and affairs of the society.  A foreign fraternal benefit society may not write any new business in this state during a suspension under this subsection.(e)  A foreign fraternal benefit society is subject to the provisions of Subchapter A, Chapter 86, and Sections 401.051, 401.052, 401.054-401.062, 401.151, 401.152, 401.155, and 401.156 that apply to an insurer that is not organized under the laws of this state but is authorized to engage in business in this state.|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.098, eff. April 1, 2009.|
TX Ins Code § 885.412 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.412. Adverse Publication Prohibited

Sec. 885.412.  ADVERSE PUBLICATION PROHIBITED.  (a)  Pending, during, or after an examination or investigation of a fraternal benefit society, the commissioner may not make public a financial statement, report, or finding, or permit a financial statement, report, or finding affecting the status, standing, or rights of the society to become public, until:(1)  the commissioner serves a copy of the statement, report, or finding on the society at its home office;  and(2)  the society has been provided a reasonable opportunity to:(A)  answer the statement, report, or finding;  and(B)  make a showing in connection with the statement, report, or finding as the society desires.(b)  This section does not apply to a proceeding involving a fraternal benefit society instituted by the commissioner or the state, including an administrative hearing, a proceeding under Chapter 441 or 443, or a court proceeding.|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.099, eff. April 1, 2009.|
TX Ins Code § 885.413 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.413. Fees

Sec. 885.413.  FEES.  The department shall deposit fees collected under this chapter to the credit of the Texas Department of Insurance operating account. Sections 201.001 and 201.002 apply to fees collected under this chapter.|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.100, eff. April 1, 2009.|
TX Ins Code § 885.414 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter I. Regulation of Fraternal Benefit Societies|Section 885.414. Remedies Not Exclusive

Sec. 885.414.  REMEDIES NOT EXCLUSIVE.  (a)  This chapter does not prevent or limit any action by or remedy available to the department or the state under Chapter 441 or 443 or other applicable law.(b)  In addition to any other provision of law relating to disciplinary action regarding a fraternal benefit society, Chapter 82 applies to a fraternal benefit society.|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.101, eff. April 1, 2009.|
TX Ins Code § 885.451 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.451. Conversion of Fraternal Benefit Society to Mutual or Stock Company

Sec. 885.451.  CONVERSION OF FRATERNAL BENEFIT SOCIETY TO MUTUAL OR STOCK COMPANY.  (a)  Subject to Subsection (b), a fraternal benefit society engaging in business in this state may convert to a mutual life insurance company or incorporated stock company by complying with this subchapter.(b)  A fraternal benefit society may not convert to a mutual life insurance company or incorporated stock company except on terms that, in the commissioner's opinion, will fully protect the rights and interests of the society's members and holders of benefit certificates.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.452 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.452. Meeting of Lodge Representatives; Notice

Sec. 885.452.  MEETING OF LODGE REPRESENTATIVES;  NOTICE.  (a)  The governing body of a fraternal benefit society that proposes converting to a mutual life insurance company or incorporated stock company shall call a meeting of lodge representatives.  The meeting may not be held before the 90th day after the date the meeting is called.(b)  Not later than the 40th day before the date of the meeting, the fraternal benefit society shall mail to each society member or holder of a benefit certificate, at the member's or holder's mailing address as shown by the society's records, and to each lodge:(1)  notice of the meeting;  and(2)  a general plan of the proposed conversion.(c)  Not later than the 20th day after the date of receipt of the notice, each lodge shall meet in a regular or called session to act on the proposal and choose a representative to the governing body for the state, if the society operates in more than one state.(d)  The lodge representatives chosen under Subsection (c) shall meet and choose the requisite number of representatives to which the state is entitled to the supreme or grand lodge, if that body is located in this state.(e)  A fraternal benefit society shall submit the plan of the proposed conversion to the commissioner, and the commissioner must approve the plan, before the society may submit the plan to the society's members, holders of benefit certificates, and lodges.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.453 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.453. Resolution to Convert; Additional Requirements

Sec. 885.453.  RESOLUTION TO CONVERT;  ADDITIONAL REQUIREMENTS.  (a)  As provided by the notice under Section 885.452 and after convening the supreme governing body of the fraternal benefit society, the lodge representatives shall vote on whether to adopt a resolution authorizing the conversion of the society to a mutual life insurance company or incorporated stock company.  To take effect, the resolution must be approved by lodge representatives of lodges that constitute at least 60 percent of the total membership of the fraternal benefit society.(b)  The resolution authorizing the conversion must:(1)  set out or ratify a certificate of incorporation amending the fraternal benefit society's charter;  and(2)  state:(A)  the society's name;(B)  the name of the new company by which the society will be known;(C)  the object of the company;(D)  the location of the company's principal office;(E)  the names of the principal officers of the company, who serve until their successors are elected and qualified;  and(F)  the period, if any, of the duration of the company.(c)  If the fraternal benefit society is converting to a mutual life insurance company:(1)  the resolution authorizing the conversion must also state the amount of the unencumbered surplus;(2)  the amount and form of the unencumbered surplus must comply with Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404;  and(3)  the conversion must comply with Sections 882.056(a) and (b), 882.057, 882.058, 882.059, and 882.101.(d)  If the fraternal benefit society is converting to an incorporated stock company:(1)  the resolution authorizing the conversion must also state:(A)  the amount of the surplus, the amount of capital stock authorized, and the number of shares into which the capital stock is divided;  and(B)  the amount of capital stock to be immediately paid in;(2)  the amounts and form of the surplus and capital must comply with Sections 841.054, 841.055, 841.056, 841.057, 841.204, 841.205, 841.301, and 841.302;  and(3)  the conversion must comply with Sections 841.058, 841.059(a)(1), 841. 060, 841.061, 841.062, and 841.063.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.454 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.454. Conversion Documents

Sec. 885.454.  CONVERSION DOCUMENTS.  (a)  A fraternal benefit society that converts to a mutual life insurance company or incorporated stock company shall file with the department:(1)  the certificate of incorporation as adopted or amended;  and(2)  a report of the meeting of lodge representatives, certified by the presiding officers under the corporate seal of the fraternal benefit society. (b)  The certificate of incorporation must be incorporated in the charter of the proposed company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.455 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.455. Sale of Stock of Converted Fraternal Benefit Society

Sec. 885.455.  SALE OF STOCK OF CONVERTED FRATERNAL BENEFIT SOCIETY.  (a)  If a fraternal benefit society converts to an incorporated stock company, each holder of a benefit certificate or other member of the society has a preference right to subscribe for the proportion of the total capital stock offered for sale that the amount of the member's insurance bears to the society's total insurance in force at the time the society's supreme governing body authorizes the conversion.  The right provided by this subsection expires on the 90th day after the date the society's supreme governing body authorizes the conversion.(b)  Before an incorporated stock company that is converted from a fraternal benefit society may offer any stock for public sale, the society's membership has a preference right to purchase the stock.  A member may not subscribe for or purchase more than:(1)  25 percent of the capital stock of the new company;  or(2)  10 percent of the capital stock of the new company, if there are other members applying in writing to purchase stock whose subscriptions are not filled.(c)  If the membership of a converted fraternal benefit society has not subscribed for the total capital stock authorized, the new company may permit others who were not society members at the time of the conversion to subscribe for stock and hold equal rights in the ownership of the stock.(d)  Not later than the 10th day after the date a fraternal benefit society approves a resolution authorizing the society to convert to an incorporated stock company, the society shall notify each holder of a benefit certificate or other member of:(1)  the member's right to subscribe for and purchase the stock of the incorporated stock company;(2)  the amount of stock for which the member is entitled to subscribe;  and(3)  all other terms of the subscription and purchase.(e)  The notice required under Subsection (d) must be in a form approved by the department.  Proof of depositing a letter addressed to each holder of a benefit certificate or other member providing the notice in the approved form is considered proof of compliance with the requirements of Subsection (d) and this subsection.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.456 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.456. Legal Effect of Conversion to Mutual Life Insurance Company

Sec. 885.456.  LEGAL EFFECT OF CONVERSION TO MUTUAL LIFE INSURANCE COMPANY.  A fraternal benefit society that converts to a mutual life insurance company is subject to Chapter 882.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.457 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.457. Completion and Legal Effect of Conversion to Stock Company

Sec. 885.457.  COMPLETION AND LEGAL EFFECT OF CONVERSION TO STOCK COMPANY.  (a)  The conversion of a fraternal benefit society to an incorporated stock company is complete when the society has:(1)  complied with this subchapter and other state law regulating the incorporation of a life insurance company;  and(2)  received from the commissioner its charter or certificate of authority to transact business as an incorporated stock company.(b)  A fraternal benefit society that converts to an incorporated stock company:(1)  is considered by law to have each right, privilege, power, or authority of any other stock corporation organized for engaging in the business of life insurance in this state;(2)  is subject to laws applicable to a stock corporation organized under Chapter 841 for engaging in the business of life insurance in this state;(3)  is considered by law to be a continuation of the business of the fraternal benefit society on the formation of the new company or amendment of its former charter;  and(4)  succeeds to and is invested with each right, privilege, or franchise and all property of the former society, including debts due on any account and all choses in action.(c)  On conversion of a fraternal benefit society to an incorporated stock company, the title to any real estate by deed or otherwise vested in the society vests in the company, and the title is not in any way impaired because of the conversion.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.458 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.458. Continuing Obligations of Converted Fraternal Benefit Society

Sec. 885.458.  CONTINUING OBLIGATIONS OF CONVERTED FRATERNAL BENEFIT SOCIETY.  (a)  The rights of each member, holder of a benefit certificate, or creditor and the standing of each claim against a fraternal benefit society that converts under this subchapter must be preserved unimpaired under the new corporation.(b)  Each debt, liability, and duty of a converted fraternal benefit society attaches to the new corporation and may be enforced against it to the same extent as if the debt or liability had been incurred or contracted by the new corporation.(c)  Each outstanding benefit certificate issued by a converted fraternal benefit society is a valid obligation of the new corporation without the issuance of a new certificate.(d)  A new corporation formed from a converted fraternal benefit society is obligated to perform each obligation owing by the society to a holder of a benefit certificate issued by the society.  The holder may enforce a benefit certificate against the new corporation to the same extent as if the certificate had been issued by the new corporation after conversion.(e)  A pending suit in which a converted fraternal benefit society was a party is not affected by the conversion and may be prosecuted by or against the new corporation as if the conversion had not taken place.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.459 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.459. Name of Converted Fraternal Benefit Society

Sec. 885.459.  NAME OF CONVERTED FRATERNAL BENEFIT SOCIETY.  The name of a mutual life insurance company or incorporated stock company to which a fraternal benefit society converts:(1)  must, if possible, be a continuation of the society's name;  and(2)  may not, if the new company's name is changed from the society's name, be:(A)  the same as that of any other company engaging in business in this state;  or(B)  a name similar to that of any other company engaging in business in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.460 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.460. Principal Office of Converted Fraternal Benefit Society

Sec. 885.460.  PRINCIPAL OFFICE OF CONVERTED FRATERNAL BENEFIT SOCIETY.  The principal office of a mutual life insurance company or incorporated stock company created by the conversion of a fraternal benefit society under this subchapter must be located in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 885.461 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 885 - Fraternal Benefit Societies|Subchapter J. Conversion of Fraternal Benefit Society|Section 885.461. Social or Charitable Clubs Formed by Members of Converted Fraternal Benefit Society

Sec. 885.461.  SOCIAL OR CHARITABLE CLUBS FORMED BY MEMBERS OF CONVERTED FRATERNAL BENEFIT SOCIETY.  The members of a converted fraternal benefit society or the policyholders in the new corporation may form local clubs for social and charitable purposes.  A club formed under this section:(1)  may not be connected with the management of the corporation;  and(2)  does not affect the corporation's liability or the insurance in effect.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|