Sec. 2551.251. STATUTORY PREMIUM RESERVE REQUIRED. (a) Each domestic title insurer shall establish and maintain a statutory premium reserve. The reserve is cumulative. The reserve must consist of the amounts required under Sections 2551.252-2551.260 and must be established and maintained during the period and for the uses and purposes provided by those sections.
(b) The reserve required under this section:
(1) is considered to be unearned portions of the original premium; and
(2) must be charged as a reserve liability of the title insurer in determining the insurer's financial condition.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.
Structure Texas Statutes
Subtitle B - Organization of Title Insurance Companies
Section 2551.251. Statutory Premium Reserve Required
Section 2551.252. Amounts Added to Reserve for Calendar Year 1997; Reductions
Section 2551.253. Amounts Added to Reserve for Calendar Years After 1997; Reductions
Section 2551.254. Transitional Release; Transitional Charge
Section 2551.255. Runoff Balance
Section 2551.256. Actuarial Certification
Section 2551.257. Supplemental Reserve
Section 2551.258. Reevaluation of Certain Reserve Requirements
Section 2551.259. Statutory Premium Reserve and Supplemental Reserve Fund
Section 2551.260. Effect of Insolvency or Dissolution
Section 2551.261. Reserve for Unpaid Losses and Loss Expenses