Texas Insurance Code
§ 884.603 — EXEMPTION FROM CAPITAL AND SURPLUS REQUIREMENTS
IN § 884.603Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. M. CONVERSION TO LEGAL RESERVE COMPANY
Statute text
View on source(a)A stipulated premium company is exempt from the capital and surplus requirements of Section 884.601(a) if the company:
(1)was organized before September 1, 1989;
(2)possesses capital in an amount equal to at least $100,000 and unencumbered surplus in an amount equal to at least $100,000; and
(3)converted to a company that operates under Chapter 841 before September 1, 1999.
(b)A stipulated premium company that is exempt under Subsection (a) shall immediately increase its capital and surplus to amounts that satisfy Section 884.601(a) on:
(1)a change of control of at least 50 percent of the voting securities of the converted company; or
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.