Texas Insurance Code

§ 883.155 — ISSUANCE OF POLICY FOR CASH PREMIUM ONLY

IN § 883.155Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 883. MUTUAL INSURANCE COMPANIES OTHER THAN MUTUAL LIFE INSURANCE COMPANIES · Art. D. POWERS, DUTIES, AND OPERATION OF COMPANY

Statute text

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(a)A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless:

(1)the company possesses surplus above all liabilities in an amount at least equal to the minimum capital and surplus required of a stock insurance company engaging in the same kinds of insurance;

(2)the company files with the department:

(A)an application for the issuance of this type of policy; and

(B)a certified copy of the resolution of the company's board of directors authorizing the issuance; and

(3)the commissioner approves the documents filed under Subdivision (2).

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Legislative history

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