§ 826.001 — DEFINITIONS.

Texas § 826.001

• Jurisdiction: Texas
• Code IN: Insurance Code

Text

Sec. 826.001. DEFINITIONS. 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.

Legislative History

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.