reglab/housing_qa huggingface dataset:
TX Ins Code § 829.151 (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 D. Effect of Plan; Rights of Members|Section 829.151. Corporate Existence

Sec. 829.151.  CORPORATE EXISTENCE.  (a)  On the effective date:(1)  the legal existence of the converting exchange continues in the resulting company;(2)  all assets, rights, franchises, and interests of the converting exchange in and to property and any accompanying thing in action are vested in the resulting company without a deed or transfer;(3)  the resulting company assumes all the obligations and liabilities of the converting exchange; and(4)  the power of attorney or other appropriate authorization granting the attorney in fact the authority to act for the subscribers of the converting exchange is terminated.(b)  Except as otherwise specified by the conversion plan:(1)  the directors and officers of the converting exchange serving on the effective date 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; and(2)  the directors of the converting exchange serving on the effective date serve as directors of the mutual holding company until new directors are elected under the articles of incorporation and bylaws of the mutual holding company.|Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.|
TX Ins Code § 829.152 (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 D. Effect of Plan; Rights of Members|Section 829.152. Membership Interests

Sec. 829.152.  MEMBERSHIP INTERESTS.  (a)  The membership interests of the policyholders of the resulting company become membership interests in the mutual holding company.  Members of the converting exchange 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 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.32, eff. January 1, 2022.|
TX Ins Code § 829.153 (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 D. Effect of Plan; Rights of Members|Section 829.153. Rights of Members Whose Policies Are Issued After Adoption of Conversion Plan but Before Effective Date

Sec. 829.153.  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 exchange shall send to each member to whom a policy is issued a written notice regarding the conversion plan.(b)  Except as provided by Subsection (c), each member insured under a property or casualty insurance policy is entitled to notice under Subsection (a) and shall be advised in a clear and conspicuous manner of the member's right to:(1)  cancel the policy; and(2)  receive a pro rata refund of unearned premiums.(c)  A member who has made or filed a claim under the insurance policy is not entitled to a refund under Subsection (b).  A member who has exercised a right provided by Subsection (b) may not make or file a claim under the insurance policy.|Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.|
TX Ins Code § 829.154 (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 D. Effect of Plan; Rights of Members|Section 829.154. Effect of Conversion on Policies; Subscriber Accounts

Sec. 829.154.  EFFECT OF CONVERSION ON POLICIES; SUBSCRIBER ACCOUNTS.  (a)  Each policy in effect on the effective date remains in effect under the terms of that policy, except that the following rights, to the extent they existed in the converting exchange in favor of policyholders or members, are extinguished on the effective date:(1)  any membership and voting rights;(2)  except as provided by Subsection (b) or in the conversion plan approved by the commissioner, a right to share in the surplus or profits of the converting exchange; and(3)  any assessment provisions.(b)  The holder of a participating policy in effect on the effective date of the conversion continues to have a right to receive dividends as provided by the participating policy.(c)  On the renewal date of a participating policy, the resulting company may issue to the insured a nonparticipating policy as a substitute for the participating policy.(d)  All the costs and expenses connected with a conversion plan shall be paid or reimbursed by the converting exchange or the resulting company.(e)  If a converting exchange maintains subscriber accounts as surplus, the subscriber accounts shall continue as surplus in the resulting company, unless otherwise provided in a conversion plan approved by the commissioner.  Subject to Subsection (f), the balances of the subscriber accounts are payable to the members to the extent and in the manner as is provided in the conversion plan.(f)  The board of directors of the resulting company may reduce the balances of the subscriber accounts without payment to members of the mutual holding company who were members of the converting exchange if the board of directors of the resulting company determines in the board's discretion that the amounts are necessary to support the operations of the resulting company.  The board of directors of the resulting company may not, without the approval of the commissioner, reduce the balance of a subscriber account under this subsection before the third anniversary of the effective date.|Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.|
TX Ins Code § 841.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter A. General Provisions|Section 841.001. Definitions

Sec. 841.001.  DEFINITIONS.(1)  "Accident insurance company" means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value in the event of an injury to or the disablement or death of an individual as a result of travel or a general accident by land or water.(2)  "Alien company" means a life, accident, or health insurance company organized under the laws of a foreign country.(3)  "Beneficiary" is the person to whom an insurance policy is payable.(4)  "Domestic insurance company," in this chapter and another law described by Section 841.002, means an insurance company organized under the laws of this state as:(A)  a life insurance company;(B)  an accident insurance company;(C)  a life and accident insurance company;(D)  a health and accident insurance company;  or(E)  a life, health, and accident insurance company.(5)  "Foreign company" means a life, accident, or health insurance company organized under the laws of another state.(6)  "Health insurance company" means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value in the event of loss resulting from disability incurred as a result of sickness or ill health.(7)  "Home office," with respect to an insurance company, means the principal office of the company in the state or country under whose laws the company is organized.(8)  "Insurance company" and "company" include all corporations engaged as a principal in the business of life, accident, or health insurance.(9)  "Life insurance company" means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value conditioned on the continuance or cessation of human life or involving an insurance, guaranty, or contract for the payment of an endowment or annuity.(10)  "Policyholder" and "insured" mean the individual on whose life an insurance policy is effected.(11)  "Profits," with respect to an insurance company, means the portion of the company's funds that are not:(A)  required for the payment of losses and expenses;  or(B)  set aside for any other purpose required by law.(12)  "United States branch" means:(A)  the business unit through which business is transacted within the United States by an alien company;(B)  the assets and liabilities of the company within the United States pertaining to the business;(C)  the management powers pertaining to the business and to the assets and liabilities;  or(D)  any combination of the items described by Paragraphs (A)-(C).(13)  The definitions of "company" and "insurance company" apply to this chapter and another law described by Section 841.002 unless a different meaning is plainly required by the context in which the term appears.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter A. General Provisions|Section 841.002. Applicability of Chapter and Other Law

Sec. 841.002.  APPLICABILITY OF CHAPTER AND OTHER LAW.  Except as otherwise expressly provided by this code, each insurance company incorporated or engaging in business in this state as a life insurance company, an accident insurance company, a life and accident insurance company, a health and accident insurance company, or a life, health, and accident insurance company is subject to:(1)  this chapter;(2)  Chapter 3;(3)  Chapters 425 and 493;(4)  Title 7;(5)  Sections 1202.051, 1204.151, 1204.153, and 1204.154;(6)  Subchapter A, Chapter 1202, Subchapters A and F, Chapter 1204, Subchapter A, Chapter 1273, Subchapters A, B, and D, Chapter 1355, and Subchapter A, Chapter 1366;(7)  Subchapter A, Chapter 1507;(8)  Chapters 1203, 1210, 1251-1254, 1301, 1351, 1354, 1359, 1364, 1368, 1505, 1651, 1652, and 1701; and(9)  Chapter 177, Local Government Code.|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.018, eff. April 1, 2009.Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.03, eff. September 1, 2017.|
TX Ins Code § 841.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter A. General Provisions|Section 841.003. Applicability of Law Governing Corporations

Sec. 841.003.  APPLICABILITY OF LAW GOVERNING CORPORATIONS.  An insurance company operating under this chapter is subject to the Texas Business Corporation Act, the Texas Miscellaneous Corporation Laws Act (Article 1302-1.01 et seq., Vernon's Texas Civil Statutes), and any other law of this state that governs corporations in general to the extent those laws are not inconsistent with this chapter or another law described by Section 841.002.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.004 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter A. General Provisions|Section 841.004. Net Assets Defined; Rules

Sec. 841.004.  NET ASSETS DEFINED;  RULES.  (a)  A company's "net assets" consist of the company's funds that are available for the payment of a company's obligations in this state, including:(1)  uncollected premiums that are not more than three months past due and deferred premiums on policies actually in force, after the deduction of:(A)  all unpaid losses and claims;(B)  all claims for losses;  and(C)  all other debts, exclusive of capital stock;  and(2)  if the total value of the equipment exceeds $2,000, the value of all electronic machines that comprise a data processing system or systems and of all other office equipment, furniture, machines, and labor-saving devices purchased for and used in connection with the business of the insurance company to the extent that the total actual cash market value of those assets is less than 10 percent of the other admitted assets of the company.(b)  The commissioner may adopt rules defining electronic machines and systems, office equipment, furniture, machines, and labor-saving devices described by Subsection (a) and stating the maximum period for which each class of equipment may be amortized.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.051. Formation of Company

Sec. 841.051.  FORMATION OF COMPANY.  (a)  Three or more residents of this state may form:(1)  a life insurance company;(2)  an accident insurance company;(3)  a life and accident insurance company;(4)  a health and accident insurance company;  or(5)  a life, health, and accident insurance company.(b)  To form a domestic insurance company:(1)  each incorporator must sign and acknowledge the articles of incorporation of the company;  and(2)  the incorporators must file the articles of incorporation with the department.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.052. Articles of Incorporation

Sec. 841.052.  ARTICLES OF INCORPORATION.  (a)  Articles of incorporation of a proposed domestic insurance company must state:(1)  the name of the company;(2)  the location of the company's home office;(3)  the kinds of insurance business in which the company proposes to engage;(4)  the name and place of residence of each incorporator;(5)  the amount of the company's capital stock;(6)  the number of shares of the company's capital stock;(7)  the amount of the company's surplus;  and(8)  the period of the company's duration, which may be perpetual.(b)  The incorporators of a domestic insurance company may include in the articles of incorporation other provisions that are not inconsistent with law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.053. Company Name

Sec. 841.053.  COMPANY NAME.  (a)  The name of a domestic insurance company must contain the words "Insurance Company."(b)  A domestic insurance company's name may not be so similar to the name of another domestic insurance company as to likely mislead the public.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.054. Capital Stock and Surplus Requirements

Sec. 841.054.  CAPITAL STOCK AND SURPLUS REQUIREMENTS.  (a)  A domestic insurance company must have capital stock in an amount of at least $700,000 and surplus in an amount of at least $700,000.(b)  All of the capital stock required by Subsection (a) must be fully subscribed and paid up and delivered to the incorporators before the articles of incorporation are filed.(c)  At the time of incorporation, the required capital and surplus shall consist only of:(1)  United States currency;(2)  bonds of the United States, this state, or a county or municipality of this state; or(3)  government insured mortgage loans that are authorized by this chapter or Chapter 425, with not more than 50 percent of the required capital invested in first mortgage real property loans.|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.019, eff. April 1, 2009.|
TX Ins Code § 841.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.055. Shares of Stock

Sec. 841.055.  SHARES OF STOCK.  (a)  The shares of stock of an insurance company operating under this chapter may be divided or converted into shares of stock with a par value or shares of stock without par value or into a combination of shares with or without par value.(b)  Each issued share of stock must be fully paid for and nonassessable.(c)  The insurance company by an amendment to its charter may increase or decrease the total number of shares of stock the company is authorized to issue if:(1)  shares representing at least 50 percent of the total par value of the authorized shares with a par value, if any, have been in good faith subscribed and fully paid for;  and(2)  shares representing at least 50 percent of the total number of the authorized shares without a par value, if any, have been in good faith subscribed and fully paid for.(d)  Authorized but unissued shares of stock of an insurance company are not considered capital, stock, or capital stock of the company.(e)  This section and Sections 841.056 and 841.057 do not impair the charter rights of an insurance company authorized to issue shares of stock with or without a par value before September 6, 1955.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.056 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.056. Requirements for Shares of Stock With Par Value

Sec. 841.056.  REQUIREMENTS FOR SHARES OF STOCK WITH PAR VALUE.  (a)  The shares of stock of an insurance company operating under this chapter that are divided or converted into par value shares, if any, must have a par value of not less than $1 or more than $100.(b)  Each par value share of stock must be fully paid for before issuance in an amount that is not less than the share's par value.(c)  When an application for charter or an amendment to the charter authorizing the issuance of shares of stock with a par value is filed, the insurance company shall file with the department a statement under oath stating:(1)  the total number of par value shares subscribed;  and(2)  the actual total consideration the company received for those shares. (d)  The shareholders of an insurance company authorizing par value shares of stock must in good faith subscribe and fully pay for shares representing at least 50 percent of the total par value of the authorized shares with a par value before the company:(1)  is granted a charter;  or(2)  amends its charter to authorize the issuance of par value shares.(e)  If all of the authorized par value shares of stock are not subscribed and paid for when the charter is granted or the amendment is filed, respectively, the insurance company shall file with the department a certificate authenticated by a majority of the directors stating the total number of par value shares issued and the actual total consideration received for those shares.  The company shall file the certificate not later than the 90th day after the date of issuance of those remaining shares.  The company is not required to file an amendment to its charter or take further action to effect the increase in the capital and surplus of the company.(f)  The actual consideration received by an insurance company for a par value share constitutes capital to the extent of its par value and the remainder, if any, constitutes surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|