Texas § 825.002 AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY.

Texas Statutes

§ 825.002 — AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY.

Texas § 825.002

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Tex. Insurance Code Code Ann. § 825.002 (2026).

Text

Sec. 825.002. AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY.

(a)A domestic stock insurance company, as defined by law, may convert to a mutual insurance company.

(b)To convert to a mutual insurance company, a stock insurance company must implement a plan for the acquisition of shares of its capital stock.

(c)In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase. SUBCHAPTER B. STOCK ACQUISITION PLAN

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Sec. 825.002. AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY. (a) A domestic stock insurance company, as defined by law, may convert to a mutual insurance company.
(b) To convert to a mutual insurance company, a stock insurance company must implement a plan for the acquisition of shares of its capital stock.
(c) In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase.
SUBCHAPTER B. STOCK ACQUISITION PLAN