Texas § 887.509 LIMITS ON OPERATION OF CONVERTED ASSOCIATION.

Texas Statutes

§ 887.509 — LIMITS ON OPERATION OF CONVERTED ASSOCIATION.

Texas § 887.509

Code INInsurance Code

This text of Texas § 887.509 (LIMITS ON OPERATION OF CONVERTED ASSOCIATION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 887.509 (2026).

Text

Sec. 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.

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Sec. 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.