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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle B. ORGANIZATION OF REGULATED ENTITIES |
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Chapter 826. CONVERSION OF MUTUAL INSURANCE COMPANY TO STOCK INSURANCE COMPANY |
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Subchapter A. GENERAL PROVISIONS |
Sec. 826.001. DEFINITIONS
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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.