{"data":{"id":"us-tx/tex.-insurance-code-887.502","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 887.502","heading":"AUTHORIZATION TO CONVERT.","body":"An association may convert to a stock legal reserve life insurance company if the association:\n(1) has at least $100,000 in the association's mortuary fund at the time of conversion; and\n(2) except as provided by Section 887.508, possesses:\n(A) capital in an amount equal to at least $700,000 cash; and\n(B) surplus in an amount equal to at least $700,000 cash.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["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"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.887.htm#887.502","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"d0d0e6a35f7c6decfbdccd7532e9cbdf664112fee0d98f3f17db5dd01991be0b","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-887.501","next":"us-tx/tex.-insurance-code-887.503"},"notice":"GroundRules: Original legal text. Not legal advice."}