Texas Insurance Code

§ 884.303 — ISSUANCE OF LIFE INSURANCE POLICIES BY CERTAIN COMPANIES

IN § 884.303Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 884. STIPULATED PREMIUM INSURANCE COMPANIES · Art. G. POWERS AND DUTIES RELATING TO COVERAGES

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(a)A stipulated premium company that possesses capital and unencumbered surplus in a combined amount of at least $100,000 may issue life insurance policies as authorized for a company operating under Chapter 841.

(b)A stipulated premium company may not insure one life under this section for more than $25,000, except as provided by Section 884.304 or Subchapter I.

(c)A stipulated premium company may issue a policy under this section only on an endowment or limited pay basis.

(d)A stipulated premium company must reserve and reinsure a policy issued under this section as required for a company operating under Chapter 841. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by:

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1309 (H.B. 2570), Sec. 4, eff. September 1, 2009.