Sec. 825.055. POLICYHOLDERS' MEETING. (a) A converting company shall give notice of the policyholders' meeting to each eligible policyholder.
(b) The notice must be mailed from the home office of the converting company not later than the 31st day before the scheduled date of the meeting in a sealed envelope, postage prepaid, to the policyholder at the policyholder's last known mailing address.
(c) The policyholders' meeting shall be conducted in the manner provided by the stock acquisition plan.
(d) The commissioner shall supervise and direct the procedure of the policyholders' meeting. The converting company shall pay all necessary expenses incurred by the commissioner as certified by the commissioner.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Chapter 825 - Conversion of Stock Insurance Company to Mutual Insurance Company
Subchapter B. Stock Acquisition Plan
Section 825.051. Contents of Stock Acquisition Plan
Section 825.052. Sufficient Assets Required
Section 825.053. Stock Acquisition Plan Approval
Section 825.054. Policyholder Eligibility