reglab/housing_qa huggingface dataset:
TX Ins Code § 826.109 (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 C. Adoption of Conversion Plan|Section 826.109. Conflict of Interest

Sec. 826.109.  CONFLICT OF INTEREST.  (a)  Except as provided by a conversion plan approved by the commissioner or this section, a director, officer, agent, or employee of a converting company may not receive a fee, commission, or other consideration, other than that person's usual salary or compensation, for aiding, promoting, or assisting in a conversion under this chapter.(b)  This section does not prohibit the payment of reasonable fees and compensation to an attorney, accountant, or actuary for professional services performed by that person, even if the person is also a director or officer of the converting company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.110 (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 C. Adoption of Conversion Plan|Section 826.110. Limitation on Actions

Sec. 826.110.  LIMITATION ON ACTIONS.  An action challenging the validity of or arising out of acts taken or proposed to be taken regarding a conversion plan under this chapter must be commenced not later than the 30th day after the effective date of the conversion plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.151 (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 D. Rights of Members on Conversion|Section 826.151. Rights of Members Whose Policies Are Issued After Adoption of Conversion Plan but Before Effective Date

Sec. 826.151.  RIGHTS OF MEMBERS WHOSE POLICIES ARE ISSUED AFTER ADOPTION OF CONVERSION PLAN BUT BEFORE EFFECTIVE DATE.  (a)  On issuance of a policy after a conversion plan has been adopted by the board of directors but before the effective date of the conversion plan, the converting company shall send to each member to whom a policy is issued a written notice regarding the conversion plan.(b)  Except as provided by Subsection (d), a member of an accident and health insurance company entitled to notice under Subsection (a) is entitled to rescind the member's policy and receive a full refund of any amount paid for the policy not later than the 10th day after the date on which the notice is received.(c)  Except as provided by Subsection (d), each member insured under a property or casualty insurance policy is entitled to notice under Subsection (a) and shall be advised of the member's right to:(1)  cancel the policy;  and(2)  receive a pro rata refund of unearned premiums.(d)  A member who has made or filed a claim under the insurance policy is not entitled to a refund under Subsection (b) or (c).  A member who has exercised a right provided by Subsection (b) or (c) may not make or file a claim under the insurance policy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.152 (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 D. Rights of Members on Conversion|Section 826.152. Amendment of Policies

Sec. 826.152.  AMENDMENT OF POLICIES.  A converting company, by endorsement or rider approved by the commissioner and sent to the policyholder, may simultaneously with or at any time after the adoption of a conversion plan amend an insurance policy in effect to terminate a right of the holder of the policy to share in the surplus or profits of the converting company.  The amendment is void if the conversion plan does not take effect.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.201 (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 E. Conversion Through Mutual Holding Company|Section 826.201. Conversion Through Creation of Holding Company

Sec. 826.201.  CONVERSION THROUGH CREATION OF HOLDING COMPANY.  (a)  A converting company, on approval by the commissioner, may reorganize by forming a holding company based on a mutual plan and continuing the corporate existence of the converting company as a stock insurance company.(b)  A mutual holding company is considered an insurer subject to this chapter and Chapter 883.  A mutual holding company is automatically a party to an administrative proceeding under this code involving an insurance company that, as a result of a reorganization under this subchapter, is a subsidiary of the mutual holding company.  In any proceeding involving the resulting company, the assets of the mutual holding company are considered assets of the resulting company for purposes of satisfying the claims of the resulting company's policyholders.(c)  A mutual holding company may not dissolve or liquidate without the approval of the commissioner.(d)  A mutual holding company may convert to a stock holding company under this chapter as if the mutual holding company were a mutual insurance company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.202 (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 E. Conversion Through Mutual Holding Company|Section 826.202. Commissioner Powers and Duties; Approval

Sec. 826.202.  COMMISSIONER POWERS AND DUTIES;  APPROVAL.  (a)  The commissioner shall review the proposed plan of reorganization as an alternate conversion plan under Section 826.061.  The commissioner may require as a condition of approval modifications of the proposed plan of reorganization that the commissioner determines necessary to protect the members' interests.(b)  The commissioner may retain a qualified expert as provided by Section 826.102(e).(c)  The commissioner has jurisdiction over a mutual holding company organized under this subchapter to ensure that member interests are protected.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.203 (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 E. Conversion Through Mutual Holding Company|Section 826.203. Applicability of Certain Laws; Incorporation

Sec. 826.203.  APPLICABILITY OF CERTAIN LAWS;  INCORPORATION.  A mutual holding company that results from the reorganization of a domestic mutual insurance company organized under Chapter 883 must be organized under Sections 883.051, 883.052, 883.054, and 883.056.  The articles of incorporation, and any amendments to those articles, of the mutual holding company are subject to approval of the commissioner in the same manner as those of a mutual insurance company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.204 (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 E. Conversion Through Mutual Holding Company|Section 826.204. Membership Interests

Sec. 826.204.  MEMBERSHIP INTERESTS.  (a)  The membership interests of the policyholders of the resulting company become membership interests in the mutual holding company.  Eligible members of the converting company become members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company.(b)  A membership interest in a mutual holding company does not constitute a security as defined by Section 4001.068, Government Code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.30, eff. January 1, 2022.|
TX Ins Code § 826.205 (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 E. Conversion Through Mutual Holding Company|Section 826.205. Capital Stock Held by Mutual Holding Company

Sec. 826.205.  CAPITAL STOCK HELD BY MUTUAL HOLDING COMPANY.  (a)  In this section:(1)  "Intermediate holding company" means a holding company that:(A)  is a subsidiary of a mutual holding company formed to reorganize a mutual insurance company;  and(B)  directly or through a subsidiary intermediate holding company, owns the resulting company.(2)  "Majority of the voting shares of the capital stock" means shares of the capital stock of a company that carry the right to cast a majority of the votes entitled to be cast by all of the outstanding shares of the capital stock of the company on all matters submitted to a vote of the shareholders of the company.(b)  All of the initial shares of the capital stock of the resulting company shall be issued to the mutual holding company.(c)  The mutual holding company shall at all times own a majority of the voting shares of the capital stock of the resulting company or of an intermediate holding company established to hold the voting shares of the resulting company.  The requirements of this subsection may be satisfied by indirect ownership through one or more intermediate holding companies in a corporate structure approved by the commissioner.(d)  The mutual holding company or intermediate holding company may not convey, transfer, assign, pledge, subject to a security interest or lien, encumber, or otherwise hypothecate or alienate the majority of the voting shares of the capital stock that is required to be owned under Subsection (c).(e)  A violation of Subsection (d) is void in inverse chronological order from the date of the conveyance or activity as to the shares necessary to constitute a majority of the voting shares of the capital stock.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 826.206 (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 E. Conversion Through Mutual Holding Company|Section 826.206. Conversion of Foreign Mutual Insurance Company

Sec. 826.206.  CONVERSION OF FOREIGN MUTUAL INSURANCE COMPANY.  (a)  On the approval of the commissioner, a foreign mutual insurance company may reorganize in compliance with the requirements of any law or regulation applicable to the foreign mutual insurance company by:(1)  transferring its members' membership interests into a mutual holding company formed under a procedure analogous to that described by this subchapter;  and(2)  continuing the corporate existence of the reorganizing foreign mutual insurance company as a foreign stock insurance company subsidiary of the mutual holding company.(b)  The reorganizing foreign mutual insurance company may remain a foreign company and may be admitted to do business in this state.  A foreign mutual insurance company may also redomesticate in this state by complying with the applicable requirements of Chapter 983.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter A. General Provisions|Section 828.001. Authority to Purchase Stock for Total Assumption Reinsurance

Sec. 828.001.  AUTHORITY TO PURCHASE STOCK FOR TOTAL ASSUMPTION REINSURANCE.  This code does not affect the right of a life insurance company organized or operating under Chapter 841, 882, or 982 to purchase or contract to purchase all or part of the outstanding shares of another domestic or foreign life insurance company that engages in a similar line of business in order to:(1)  reinsure all of the other company's business;(2)  assume all of the other company's liabilities;  and(3)  take over all of the other company's assets.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter A. General Provisions|Section 828.002. Effect on Antitrust Laws

Sec. 828.002.  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 § 828.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter A. General Provisions|Section 828.003. Investments of Reinsured Company

Sec. 828.003.  INVESTMENTS OF REINSURED COMPANY.  The investments of a company reinsured under this chapter are subject to Section 824.102 as if the company had been merged or consolidated.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.051. Exception to Limitation on Purchasing Shares of Other Company

Sec. 828.051.  EXCEPTION TO LIMITATION ON PURCHASING SHARES OF OTHER COMPANY.  Subchapters C and D, Chapter 425, do not apply to a purchase or contract described by Section 828.001 if all requirements of this subchapter are met.|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.015, eff. April 1, 2009.|
TX Ins Code § 828.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.052. Resolution of Intention to Reinsure

Sec. 828.052.  RESOLUTION OF INTENTION TO REINSURE.  The intention to reinsure must be evidenced by a resolution adopted by the board of directors of the purchasing company on or before the purchase of the shares or the execution of a contract to purchase the shares.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.053. Minimum Stock Acquisition

Sec. 828.053.  MINIMUM STOCK ACQUISITION.  The purchasing company shall obtain or seek to obtain at least the number of shares of the other insurance company necessary to vote an approval of the total assumption reinsurance agreement under the laws of the state in which the other insurance company is organized by one or more of the following means:(1)  initially purchasing or contracting to purchase the shares;  or(2)  offering to purchase, making a tender offer for, requesting or inviting tenders of, or otherwise seeking to acquire the shares in the open market or otherwise.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.054. Approval Required

Sec. 828.054.  APPROVAL REQUIRED.  A purchase, offer to purchase, tender offer, request to purchase, or invitation to purchase shares in excess of the limits imposed under Subchapter C or D, Chapter 425, may not be made until it is filed with and approved by the commissioner in accordance with Chapter 823.|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.016, eff. April 1, 2009.|
TX Ins Code § 828.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.055. Restrictions on Reinsured Company

Sec. 828.055.  RESTRICTIONS ON REINSURED COMPANY.  Following the earlier of the date of the contract to purchase the shares or the date of the commissioner's approval of the purchase, offer to purchase, tender offer, request to purchase, or invitation to purchase the shares, the company the shares of which are being purchased may not purchase or contract to purchase any of its own shares as treasury shares, issue or contract to issue any of its authorized but unissued shares, or make any investments in or loans to the purchasing company or an affiliate of the purchasing company unless the investment or loan is otherwise authorized and approved in advance by the commissioner under Chapter 823.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 828.056 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.056. Required Effective Date of Reinsurance Agreement; Effect of Failure to Meet Required Effective Date

Sec. 828.056.  REQUIRED EFFECTIVE DATE OF REINSURANCE AGREEMENT;  EFFECT OF FAILURE TO MEET REQUIRED EFFECTIVE DATE.  (a)  The reinsurance agreement must take effect on or before December 31 of the second year after the earlier of the year in which the initial purchase of shares is made or the year in which the initial contract to purchase is executed unless the commissioner for good cause shown extends that period.(b)  If the reinsurance agreement does not take effect within the period finally determined and extended by the commissioner, the purchasing company shall sell or otherwise dispose of the purchased shares that exceed the investment limitations imposed under Subchapter C or D, Chapter 425, within six months of the final effective date.|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.017, eff. April 1, 2009.|
TX Ins Code § 828.057 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 828 - Purchase of Stock for Total Assumption Reinsurance|Subchapter B. Exception to Investment Limitation|Section 828.057. Prohibition on Use of Purchasing Company's Capital, Surplus, or Reserves

Sec. 828.057.  PROHIBITION ON USE OF PURCHASING COMPANY'S CAPITAL, SURPLUS, OR RESERVES.  Amounts actually paid by the purchasing company for the purchase of shares acquired or obtained under this subchapter may not include the minimum capital, minimum surplus, and policy reserves required by law for the purchasing company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 829.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 829 - Conversion of Reciprocal or Interinsurance Exchange to Stock Company Through Creation of a Mutual Holding Company|Subchapter A. General Provisions|Section 829.001. Definitions

Sec. 829.001.  DEFINITIONS.  In this chapter:(1)  "Attorney in fact" has the meaning assigned by Section 942.001.(2)  "Board of directors" means, as to an exchange, the board of directors, board of trustees, subscriber advisory committee, or other governing body appointed or elected by the subscribers of an exchange.(3)  "Conversion plan" means a plan adopted under this chapter to convert an exchange to a stock insurance company and form a mutual holding company to hold, directly or indirectly, shares of the resulting company.(4)  "Converting exchange" means an exchange that is converting to a stock insurance company under this chapter.(5)  "Eligible member" means a member of a converting exchange whose policy is in force on the date that the converting exchange's board of directors adopts a conversion plan.(6)  "Effective date" means the effective date of a conversion plan in accordance with Section 829.108.(7)  "Exchange" has the meaning assigned by Section 942.001.(8)  "Intermediate holding company" means a holding company organized under the laws of this or another state that:(A)  is a subsidiary of a mutual holding company formed to reorganize an exchange; and(B)  directly or through a subsidiary intermediate holding company, owns at least a majority of the voting shares of the capital stock of the resulting company.(9)  "Member" means, as to an exchange, a subscriber of an exchange.(10)  "Mutual holding company" means a holding company based on a mutual plan and formed in connection with the conversion of an exchange to a stock insurance company under this chapter.(11)  "Participating policy" means a policy issued by an exchange that grants the policyholder the right to receive policy dividends if declared by the exchange.(12)  "Resulting company" means a stock insurance company resulting from the conversion of an exchange under this chapter.(13)  "Subscriber" has the meaning assigned by Section 942.001.|Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.|
TX Ins Code § 829.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 829 - Conversion of Reciprocal or Interinsurance Exchange to Stock Company Through Creation of a Mutual Holding Company|Subchapter A. General Provisions|Section 829.002. Authority to Convert Through Creation of a Mutual Holding Company

Sec. 829.002.  AUTHORITY TO CONVERT THROUGH CREATION OF A MUTUAL HOLDING COMPANY.  (a)  An exchange may reorganize by converting to a stock insurance company and forming a mutual holding company to hold, directly or indirectly, shares of the resulting company or intermediate holding company in accordance with this chapter.(b)  A converting exchange 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 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.|