Tex. Insurance Code § 887.509
LIMITS ON OPERATION OF CONVERTED ASSOCIATION
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 887.509, LIMITS ON OPERATION OF CONVERTED ASSOCIATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680310
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Full text
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.