Sec. 941.355. CONVERSION OF MEMBER OF HOLDING COMPANY SYSTEM. If the Lloyd's plan is a member of a holding company system identified in registration information that the Lloyd's plan filed with the department in accordance with Chapter 823, the rights and interests of the underwriters in the capital stock insurance company may be assigned at the time of conversion to any affiliated person in that holding company system. An assignment under this subsection is not:
(1) a change in control for the purposes of Section 822.212; or
(2) an acquisition of control for the purposes of Chapter 823.
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