Texas Insurance Code

§ 822.205 — UNENCUMBERED SURPLUS OR GUARANTY FUND REQUIREMENTS FOR CERTAIN INSURANCE COMPANIES

IN § 822.205Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. E. CAPITAL, SURPLUS, AND GUARANTY FUND REQUIREMENTS

Statute text

View on source

(a)Except as provided by Section 912.308, this section applies only to an insurance company that:

(1)writes insurance only in this state; and

(2)is not required by law to have capital stock.

(b)Notwithstanding any other provision of this subchapter other than Sections 822.212(b) and (c), an insurance company must have a minimum amount of unencumbered surplus or a minimum amount of guaranty fund and unencumbered surplus equal to the greater of:

(1)the amount of unencumbered surplus or the amount of guaranty fund and surplus, as appropriate, the company was required to have on August 31, 1991; or

(2)one-third of the company's net written premium for the preceding 12 months after deducting:

…

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 677 (H.B. 2449), Sec. 1, eff. September 1, 2009.