Texas § 826.206 CONVERSION OF FOREIGN MUTUAL INSURANCE COMPANY.

Texas Statutes

§ 826.206 — CONVERSION OF FOREIGN MUTUAL INSURANCE COMPANY.

Texas § 826.206

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Tex. Insurance Code Code Ann. § 826.206 (2026).

Text

Sec. 826.206. CONVERSION OF FOREIGN MUTUAL INSURANCE COMPANY.

(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 sta

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Sec. 826.206. CONVERSION OF FOREIGN MUTUAL INSURANCE COMPANY. (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 .