GroundRules
Tex. Insurance Code § 829.153: RIGHTS OF MEMBERS WHOSE POLICIES ARE ISSUED AFTER ADOPTION OF CONVERSION PLAN BUT BEFORE EFFECTIVE DATE.
Where this section sits in the code
- INSURANCE CODE
- TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES
- SUBTITLE B. ORGANIZATION OF REGULATED ENTITIES
- CHAPTER 829. CONVERSION OF RECIPROCAL OR INTERINSURANCE EXCHANGE TO STOCK COMPANY THROUGH CREATION OF A MUTUAL HOLDING COMPANY
- SUBCHAPTER D. EFFECT OF PLAN; RIGHTS OF MEMBERS
(a) On issuance of a policy after a conversion plan has been adopted by the board of directors but before the effective date of the conversion plan, the converting exchange shall send to each member to whom a policy is issued a written notice regarding the conversion plan.
(b) Except as provided by Subsection (c), each member insured under a property or casualty insurance policy is entitled to notice under Subsection (a) and shall be advised in a clear and conspicuous manner of the member's right to:
(1) cancel the policy; and
(2) receive a pro rata refund of unearned premiums.
(c) A member who has made or filed a claim under the insurance policy is not entitled to a refund under Subsection (b). A member who has exercised a right provided by Subsection (b) may not make or file a claim under the insurance policy.
Added by Acts 2007, 80th Leg., R.S., Ch. 412 (S.B. 1056), Sec. 1, eff. June 15, 2007.
Collected 2026-08-27T01:47:21Z. Source file · JSON