Texas Insurance Code

§ 886.108 — SURETY BOND

IN § 886.108Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 886. LOCAL MUTUAL AID ASSOCIATIONS · Art. C. POWERS AND DUTIES OF ASSOCIATION

Statute text

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(a)A local mutual aid association's officer responsible for the funds of the association shall file with the department a surety bond.

(b)The surety bond must be:

(1)executed by a surety company authorized to do business in this state;

(2)satisfactory to the department; and

(3)payable in an amount and conditioned as specified by Section 887.054.

(c)This section does not apply to a local mutual aid association that:

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Legislative history

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