Texas Insurance Code
§ 882.354 — DIVIDEND PAYMENT METHOD
IN § 882.354Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. H. DIVIDENDS
Statute text
View on source(a)A dividend declared by a mutual life insurance company under this subchapter shall be paid in:
(1)cash; or
(2)the equivalent of the dividend's cash value as provided by an option stated in the policy and selected by the policyholder.
(b)A policyholder shall notify the company in writing of an option selected by the policyholder under Subsection (a)(2).
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.