Texas Insurance Code
§ 912.054 — AUTHORITY TO BORROW MONEY
IN § 912.054Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 912. COUNTY MUTUAL INSURANCE COMPANIES · Art. B. ORGANIZATION OF COUNTY MUTUAL INSURANCE COMPANY; DIRECTORS
Statute text
View on source(a)The board of directors of a county mutual insurance company may borrow money in an amount determined to be necessary to pay the company's accrued or unaccrued losses.
(b)The board may pledge as security for a loan the assets of the company, including the contingent liability of its policyholders.
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.