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Texas Insurance Code - INS § 887.509. Limits on Operation of Converted Association

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 887.509. Limits on Operation of Converted Association - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-887-509/

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