Sec. 941.354. COMMISSIONER APPROVAL OF CONVERSION PLAN. On the commissioner's approval of the conversion plan and the formation of the capital stock insurance company, all assets, interests, obligations, and liabilities of the Lloyd's plan, including all outstanding policies and insurance obligations, are transferred to the capital stock insurance company, except as otherwise provided by this subchapter.
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 G - Lloyd's Plan and Reciprocal and Interinsurance Exchanges
Subchapter H. Conversion to Capital Stock Insurance Company
Section 941.351. Conversion Authorized
Section 941.352. Adoption of Conversion Plan
Section 941.353. Requirements of Conversion Plan
Section 941.354. Commissioner Approval of Conversion Plan
Section 941.355. Conversion of Member of Holding Company System