Sec. 883.154. MAXIMUM PREMIUMS. (a) The maximum premium of an insurance policy issued by a domestic mutual insurance company must be stated in the policy.
(b) A policy's maximum premium may consist only of:
(1) a cash premium; or
(2) a cash premium and a contingent premium in an amount equal to one additional cash premium.
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 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies
Subchapter D. Powers, Duties, and Operation of Company
Section 883.151. Authority to Write Certain Insurance
Section 883.152. Prior Authority Not Affected
Section 883.154. Maximum Premiums
Section 883.155. Issuance of Policy for Cash Premium Only
Section 883.156. Assessment on Policyholders
Section 883.157. Reinsurance of Policy
Section 883.158. Requirements for Companies Writing Bonds
Section 883.159. Necessary or Incidental Powers
Section 883.162. Loans to Company
Section 883.163. Immediate Notification When Assets Are Insufficient; Examination