Tex. Insurance Code § 941.353
REQUIREMENTS OF CONVERSION PLAN
Texas · Texas Insurance Code · Status: effective
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- Tex. Insurance Code § 941.353, REQUIREMENTS OF CONVERSION PLAN, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680495
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Full text
The conversion plan must provide that a capital stock insurance company will be formed in accordance with Chapter 822, except that:
(1) the company's required minimum capital and surplus must equal the required minimum guaranty fund and surplus of the Lloyd's plan;
(2) the company's assets may be in cash or in the form of an investment lawfully held by the Lloyd's plan; and
(3) an original examination under Section 822.058(b) is not required unless directed by the commissioner.