Tex. Insurance Code § 826.060
This is the official text of Tex. Insurance Code § 826.060, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 826.060. LIQUIDATION ACCOUNT.
Official statutory text
(a) The conversion plan may provide for the creation of a liquidation account for the benefit of members in the event of a voluntary liquidation after the conversion.
(b) The liquidation account must be in an amount equal to the surplus of the converting company, exclusive of the principal amount of any surplus note, on the last day of the quarter preceding the date the conversion plan is adopted.
(b) The liquidation account must be in an amount equal to the surplus of the converting company, exclusive of the principal amount of any surplus note, on the last day of the quarter preceding the date the conversion plan is adopted.
Status: in_force · Read it on the official government site
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