Texas Insurance Code

§ 911.057 — COLLECTION AND REFUND OF MONEY FROM CERTAIN INDIVIDUALS APPLYING FOR INSURANCE

IN § 911.057Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 911. FARM MUTUAL INSURANCE COMPANIES · Art. B. ORGANIZATION OF FARM MUTUAL INSURANCE COMPANY; DIRECTORS

Statute text

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An association described by Section 911.053(b)(1) of which the applicants for a permit to solicit insurance are members shall hold in trust money collected from an individual applying for insurance in the association until the association is incorporated. If the association's incorporation is not perfected, the association shall refund the money to the individual applying for the insurance.

Legislative history

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