(a) The department must approve a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits as safeguarding the rights and interests of the individual who purchases the prepaid funeral benefits contract.
(b) Each contract holder shall be notified in writing of:
(1) the terms of the proposed conversion; and
(2) the holder's right to decline the conversion.
(c) An application for approval of a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits must be:
(1) filed with the department on forms prescribed by the department; and
(2) accompanied by a conversion application fee set by the department under Section 154.051.
Official text of the Texas Finance Code as published by the Texas Legislative Council.