Tex. Ins. Code § 882.653 · Subchapter N. CONVERSION OF CERTAIN MUTUAL ASSESSMENT COMPANIES OR ASSOCIATIONS TO MUTUAL LIFE INSURANCE COMPANIES
CONVERSION REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Except as provided by Section 882. 654, a mutual assessment company or association may convert to a mutual life insurance company only if the company or association:
(1) possesses an unencumbered surplus of at least $1.4 million; and
(2) complies with the requirements of this chapter, including the requirements that the company or association execute articles of incorporation and obtain a charter and a certificate of authority.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.882.htm
- Text hash
- sha256 01164f45eb24f79f73f3c9ccc703f5f7d7ecd52e235ef5cff4a4caae274f600e
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.