Texas Insurance Code
§ 881.057 — INSUFFICIENT MEMBERSHIP: CONSOLIDATION OR DISCONTINUATION OF GROUP, CLUB, OR CLASS OR LIQUIDATION OF COMPANY
IN § 881.057Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 881. STATEWIDE MUTUAL ASSESSMENT COMPANIES · Art. B. STRUCTURE AND OPERATION OF STATEWIDE MUTUAL ASSESSMENT COMPANIES
Statute text
View on source(a)If membership of a group, club, or class of a statewide mutual assessment company is less than the number required by Section 881.054, the company shall immediately notify:
(1)the members of the group, club, or class; or
(2)if the company has only one group, club, or class, the members of the company.
(b)Not later than six months after a statewide mutual assessment company notifies the members of a group, club, or class under Subsection (a)(1), the company shall:
(1)increase the membership of the group, club, or class to at least the number required by Section 881.054;
(2)consolidate the group, club, or class with another group, club, or class; or
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.