Tex. Ins. Code § 887.502 · Subchapter K. CONVERSION TO STOCK LEGAL RESERVE LIFE INSURANCE COMPANY
AUTHORIZATION TO CONVERT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
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.887.htm
- Text hash
- sha256 17f76860e81baf6801b373831790bba078fa0f1803cac95fd8a57e060e324243
- 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
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