Texas § 941.353 REQUIREMENTS OF CONVERSION PLAN.

Texas Statutes

§ 941.353 — REQUIREMENTS OF CONVERSION PLAN.

Texas § 941.353

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 941.353 (2026).

Text

Sec. 941.353. REQUIREMENTS OF CONVERSION PLAN. The conversion plan must provide that a capital stock insurance company will be formed in accordance with Chapter 822 , except that:

(1)the company's required minimum capital and surplus must equal the required minimum guaranty fund and surplus of the Lloyd's plan;

(2)the company's assets may be in cash or in the form of an investment lawfully held by the Lloyd's plan; and

(3)an original examination under Section 822.058 (b) is not required unless directed by the commissioner.

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Sec. 941.353. REQUIREMENTS OF CONVERSION PLAN. The conversion plan must provide that a capital stock insurance company will be formed in accordance with Chapter 822 , except that:
(1) the company's required minimum capital and surplus must equal the required minimum guaranty fund and surplus of the Lloyd's plan;
(2) the company's assets may be in cash or in the form of an investment lawfully held by the Lloyd's plan; and
(3) an original examination under Section 822.058 (b) is not required unless directed by the commissioner.