Tex. Ins. Code § 884.601 · Subchapter M. CONVERSION TO LEGAL RESERVE COMPANY
AUTHORIZATION TO CONVERT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
(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).
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.089, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.884.htm
- Text hash
- sha256 46646e05b97a03971d63823d505cd5285420aa31c837f2357c2eed7bd11c8a7c
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Insurance Code
- Tex. Ins. Code ch. 425RESERVES AND INVESTMENTS FOR LIFE INSURANCE COMPANIES AND RELATED ENTITIESPrinted as Chapter 425
- Tex. Ins. Code § 425.002CERTAIN INSURERS: DEPOSIT OF SECURITIES, MONEY, OR PROPERTY IN AMOUNT OF LEGAL RESERVES.Printed as Sections 425.002-425.005
- Tex. Ins. Code § 425.005DEPARTMENT DUTIES REGARDING DEPOSITED SECURITIES; INSURANCE COMPANY ACCESS.Printed as Sections 425.002-425.005
- Tex. Ins. Code ch. 841LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIESPrinted as Chapter 841
Cited by 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 884.601. Each shows the citation as that text prints it.
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.