Texas Insurance Code
§ 941.153 — ACCRUAL OF PROFITS
IN § 941.153Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 941. LLOYD'S PLAN · Art. D. OPERATION, POWERS, AND DUTIES OF LLOYD'S PLAN
Statute text
View on sourceThe profits of a Lloyd's plan may accrue to an underwriter only on the basis of the underwriter's actual investment in cash or convertible securities, without regard to any obligation or subscription of the underwriter to pay additional cash or securities in the future.
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.