Texas Insurance Code

§ 862.152 — MAKING GOOD ON IMPAIRMENT

IN § 862.152Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part D. CASUALTY COMPANIES · Ch. 862. FIRE AND MARINE INSURANCE COMPANIES · Art. D. IMPAIRMENT OF SURPLUS

Statute text

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(a)This section applies to a fire, marine, or inland marine insurance company that receives notice from the commissioner under Subchapter B, Chapter 404, to make good within 60 days:

(1)any impairment of the company's required capital; or

(2)the company's surplus.

(b)The company shall promptly call on its shareholders for an amount necessary to make the company's capital and surplus equal to the amount required by Sections 822.054 and 822.210, subject to Subchapter B, Chapter 404.

(c)The shareholders of the company shall be informed of a call under Subsection (b):

(1)by personal notice; or

…

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.069, eff. April 1, 2009.