Tex. Ins. Code § 887.509

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

Section 887.509 - Limits on Operation of Converted Association

Unless the association increases the association's capital and surplus to the minimum capital and surplus required for the organization of a stock legal reserve life insurance company under Chapter 841, an association that converts to a stock legal reserve life insurance company under this subchapter may not:

(1) operate in a territory as to which the association was not authorized under the converted association's previous charter or articles of association;

(2) insure a life for more than $5,000 in event of death; or

(3) declare or pay cash dividends.

Tex. Ins. Code § 887.509

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