Texas Insurance Code

§ 882.355 — LIMITATIONS ON DIVISIBLE SURPLUS

IN § 882.355Title 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

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A mutual life insurance company's divisible surplus available for payment of dividends to the company's policyholders may not include:

(1)any part of the company's unencumbered surplus that has been:

(A)allocated from the company's earned surplus;

(B)transferred from the company's contingency reserve; or

(C)otherwise acquired by the company;

(2)if the company was organized after September 5, 1955, any part of the company's unencumbered surplus required to comply with Section 882.301; or

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Legislative history

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