Tex. Ins. Code Section 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 (Insurance Holding Company Systems), 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 (Increase of Capital and Surplus); or

(2)

an acquisition of control for the purposes of Chapter 823 (Insurance Holding Company Systems).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 941.355 — Conversion of Member of Holding Company System, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm#941.355 (accessed Apr. 13, 2024).

941.001
Definitions 941.002
Lloyd’s Plan Insurance Authorized 941.003
Limited Exemption from Insurance Laws 941.004
Withdrawal from the Business of Insurance 941.051
Formation of Lloyd’s Plan 941.052
Attorney in Fact 941.053
Deputy or Substitute Attorney in Fact 941.054
Name of Lloyd’s Plan 941.101
Certificate of Authority Required 941.102
Application for Certificate of Authority 941.103
Issuance of Certificate of Authority 941.151
Liability of Underwriter 941.152
Liability of Additional or Substituted Underwriter 941.153
Accrual of Profits 941.154
Assumption of Risk by Certain Affiliated Insurers 941.155
Promotion of Lloyd’s Plan 941.156
Reinsurance Permitted 941.201
Required Net Assets 941.202
Limitation of Business 941.203
Computation of Reserve 941.204
Authorized Investments 941.205
Joint Control of Minimum Assets 941.206
Hazardous Financial Condition, Supervision, Conservatorship, and Liquidation 941.251
Examinations 941.252
Annual Report 941.301
Foreign Lloyd’s Plan 941.302
Bond of Foreign Lloyd’s Plan 941.351
Conversion Authorized 941.352
Adoption of Conversion Plan 941.353
Requirements of Conversion Plan 941.354
Commissioner Approval of Conversion Plan 941.355
Conversion of Member of Holding Company System 941.701
Revocation of Certificate of Authority 941.702
Criminal Penalty

Accessed:
Apr. 13, 2024

§ 941.355’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._ins._code_section_941.355

Original Source: Section 941.355 — Conversion of Member of Holding Company System, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm#941.355 (last accessed Apr. 13, 2024).