Tex. Ins. Code § 887.505 · Subchapter K. CONVERSION TO STOCK LEGAL RESERVE LIFE INSURANCE COMPANY
EXCHANGE OF INSURANCE CERTIFICATES; RESERVES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association that converts to a stock legal reserve life insurance company shall exchange each insurance certificate in force on the date of the conversion for a legal reserve policy as provided by Section 887.457.
(b) On the exchange of mutual assessment insurance certificates for legal reserve policies as provided by Subsection (a), an association shall establish and maintain the reserves required for a company organized under Chapter 841 for legal reserve policies.
(c) After the reserves are established, the association's capital must remain unimpaired and in an amount equal to at least $700,000.
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 78462982af3631f48ffbbf8e9dff74091822e19685a9fe2ca3b8603e0c091a9c
- 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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