Sec. 882.402. EXCESS CONTINGENCY RESERVE. (a) The commissioner, for good cause shown, may issue an order authorizing a mutual life insurance company to maintain a contingency reserve that exceeds the amount of the reserve authorized by Section 882.401.
(b) The order must state:
(1) a period not exceeding one year during which the company may maintain the excess contingency reserve; and
(2) each reason for authorizing the excess contingency reserve.
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 I. Contingency Reserve
Section 882.401. Amount of Contingency Reserve
Section 882.402. Excess Contingency Reserve
Section 882.403. Contingency Reserve Requirements
Section 882.404. Allocation of Contingency Reserve to Unencumbered Surplus
Section 882.405. Designation of Contingency Reserve as Unassigned Surplus