Texas Insurance Code

§ 882.055 — UNENCUMBERED SURPLUS REQUIREMENTS

IN § 882.055Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. B. FORMATION AND STRUCTURE OF MUTUAL LIFE INSURANCE COMPANY

Statute text

View on source

A mutual life insurance company must possess at the time of incorporation unencumbered surplus in an amount of at least $200,000. The unencumbered surplus may consist only of:

(1)United States currency;

(2)bonds of the United States, this state, or a county or municipality of this state; or

(3)government insured mortgage loans that are authorized by this chapter, with not more than 25 percent of the unencumbered surplus invested in first mortgage real estate loans.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.