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Texas Insurance Code - INS § 826.206. Conversion of Foreign Mutual Insurance Company

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 826.206. Conversion of Foreign Mutual Insurance Company - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-826-206/

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