{"data":{"id":"us-tx/tex.-insurance-code-884.601","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 884.601","heading":"AUTHORIZATION TO CONVERT.","body":"(a) The shareholders of a stipulated premium company that possesses capital in an amount equal to at least $700,000, unencumbered surplus in an amount equal to at least $700,000, and sufficient reserves on hand for the company's policies as required under provisions of Chapter 425, other than Sections 425.002-425.005, may convert the company to a legal reserve company that operates under Chapter 841 by complying with each requirement applicable to a company operating under that chapter.\n(b) The department may approve the conversion only after determining that the converting company has complied with the requirements applicable to that company under Subsection (a).\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.\nAmended by:\nActs 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.089, eff. April 1, 2009.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES","CHAPTER 884. STIPULATED PREMIUM INSURANCE COMPANIES","SUBCHAPTER M. CONVERSION TO LEGAL RESERVE COMPANY"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.884.htm#884.601","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"60f537d5dea4862a800c2f1a4ea0f82af38f8346fbffafe3b140dd9b5bf623f3","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-884.562","next":"us-tx/tex.-insurance-code-884.602"},"notice":"GroundRules: Original legal text. Not legal advice."}