GroundRules
Tex. Insurance Code § 887.502: AUTHORIZATION TO CONVERT.
Where this section sits in the code
- INSURANCE CODE
- TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES
- SUBTITLE E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES
- CHAPTER 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES
- SUBCHAPTER K. CONVERSION TO STOCK LEGAL RESERVE LIFE INSURANCE COMPANY
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.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Collected 2026-08-27T01:47:21Z. Source file · JSON