Texas Insurance Code
§ 887.301 — ASSESSMENTS REQUIRED
IN § 887.301Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. G. ASSESSMENTS AND REVENUE
Statute text
View on source(a)An association shall levy regular and periodic assessments on its membership in amounts and at intervals necessary to:
(1)meet the reasonable operating expenses of the association; and
(2)allow the association to pay in full any claims arising under its insurance certificates.
(b)An association may also levy an assessment for surplus funds.
(c)An association shall specify the purpose of an assessment.
(d)An assessment on a life insurance certificate issued after May 21, 1965, insuring the life of one or more individuals must be:
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.