Sec. 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. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Authorization To Convert
Tex. Insurance Code § 887.502, under Chapter 887.
Tex. Insurance Code § 887.502