Texas Insurance Code

§ 882.306 — IMPAIRMENT OF UNENCUMBERED SURPLUS; APPOINTMENT OF RECEIVER

IN § 882.306Title 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

View on source

(a)If one-half or more of a mutual life insurance company's unencumbered surplus as required by Section 882.301 is impaired, the commissioner may apply to a court for the appointment of a receiver to wind up the affairs of the company.

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

Legislative history

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