Texas Insurance Code

§ 887.502 — AUTHORIZATION TO CONVERT

IN § 887.502Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. K. CONVERSION TO STOCK LEGAL RESERVE LIFE INSURANCE COMPANY

Statute text

View on source

An association may convert to a stock legal reserve life insurance company if the association:

(1)has at least $100,000 in the association's mortuary fund at the time of conversion; and

(2)except as provided by Section 887.508, possesses:

(A)capital in an amount equal to at least $700,000 cash; and

(B)surplus in an amount equal to at least $700,000 cash.

Legislative history

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