Sec. 882.306. IMPAIRMENT OF UNENCUMBERED SURPLUS; APPOINTMENT OF RECEIVER. (a) If one-half or more of a mutual life insurance company's unencumbered surplus as required by Section 882.301 is impaired, the commissioner may apply to a court for the appointment of a receiver to wind up the affairs of the company.
(b) In determining whether a company's surplus is impaired, the company shall compute its reserve liability in the manner provided by state law.
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