Sec. 882.301. AMOUNT OF UNENCUMBERED SURPLUS. (a) A mutual life insurance company that engages in the business of insurance in this state shall maintain an unencumbered surplus of at least $100,000 that consists of cash or classes of investment as provided by Section 882.055.
(b) Except as otherwise authorized by this code, a company that does not maintain an unencumbered surplus as required by this section may not write new insurance.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 882 - Mutual Life Insurance Companies
Subchapter G. Unencumbered Surplus Requirements
Section 882.301. Amount of Unencumbered Surplus
Section 882.302. Exemption for Certain Companies
Section 882.303. Unencumbered Surplus Less Than $25,000
Section 882.304. Investment of Excess Unencumbered Surplus
Section 882.305. Impairment of Unencumbered Surplus
Section 882.306. Impairment of Unencumbered Surplus; Appointment of Receiver