Texas Insurance Code

§ 882.305 — IMPAIRMENT OF UNENCUMBERED SURPLUS

IN § 882.305Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. G. UNENCUMBERED SURPLUS REQUIREMENTS

Statute text

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(a)If one-third or more of a mutual life insurance company's unencumbered surplus as required by Section 882.301 is impaired, the company shall correct the impairment not later than the 60th day after the date the surplus is impaired.

(b)A company that does not correct an impairment of surplus as required by Subsection (a) may not write insurance in this state until the company corrects the impairment.

(c)In determining whether a company's surplus is impaired, the company shall compute its liabilities in the manner provided by state law.

Legislative history

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