Sec. 882.607. OTHER TYPES OF CONVERSION NOT PROHIBITED. This subchapter does not prohibit a mutual life insurance company from converting to a stock legal reserve life insurance company by:
(1) merger or consolidation;
(2) a total direct or assumption reinsurance agreement; or
(3) any other plan or procedure approved by the company's policyholders and 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 E - Mutual and Fraternal Companies and Related Entities
Chapter 882 - Mutual Life Insurance Companies
Section 882.602. Amendment to Charter or Articles of Incorporation Required
Section 882.603. Capital and Surplus Requirements
Section 882.605. Conversion on Commissioner Approval