Texas Insurance Code

§ 882.402 — EXCESS CONTINGENCY RESERVE

IN § 882.402Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 882. MUTUAL LIFE INSURANCE COMPANIES · Art. I. CONTINGENCY RESERVE

Statute text

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(a)The commissioner, for good cause shown, may issue an order authorizing a mutual life insurance company to maintain a contingency reserve that exceeds the amount of the reserve authorized by Section 882.401.

(b)The order must state:

(1)a period not exceeding one year during which the company may maintain the excess contingency reserve; and

(2)each reason for authorizing the excess contingency reserve.

Legislative history

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