AUTHORITY TO CONVERT TO MUTUAL INSURANCE COMPANY.
Tex. INS Code § 825.002.
in effect(a) A domestic stock insurance company, as defined by law, may convert to a mutual insurance company.
(b) To convert to a mutual insurance company, a stock insurance company must implement a plan for the acquisition of shares of its capital stock.
(c) In implementing a stock acquisition plan under this chapter, a converting company may acquire shares of its stock by gift, bequest, or purchase.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
SUBCHAPTER B. STOCK ACQUISITION PLAN