Tex. Ins. Code § 887.502

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 887.502 - Authorization to Convert

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.

Tex. Ins. Code § 887.502

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.