Texas Insurance Code

§ 912.306 — REQUIRED BONDS

IN § 912.306Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 912. COUNTY MUTUAL INSURANCE COMPANIES · Art. G. REGULATION OF COUNTY MUTUAL INSURANCE COMPANY; FINANCIAL REQUIREMENTS

Statute text

View on source

(a)A county mutual insurance company shall obtain a bond for:

(1)the officer responsible for handling the funds of the company's members; and

(2)all other office employees who may have access to the company's funds.

(b)The bonds required under this section must:

(1)be with a surety authorized by the department to engage in business in this state;

(2)be made payable to the department for the use and benefit of the company's members; and

…

Legislative history

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