Texas Insurance Code
§ 882.252 — INVESTMENT OF MONEY
IN § 882.252Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. F. GENERAL FINANCIAL REQUIREMENTS
Statute text
View on source(a)A mutual life insurance company shall invest the company's money in accordance with the law governing investments of life, health, and accident insurance companies organized under Chapter 841.
(b)An officer of a mutual life insurance company who does not invest the money of the company as required by Subsection (a) shall deposit the money in the name of the company in a bank that:
(1)is subject to state or federal regulation; and
(2)has been approved by the commissioner as a depository for that purpose.
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.