Sec. 884.207. NEW BUSINESS PROHIBITED WHEN CAPITAL REQUIREMENTS NOT SATISFIED. (a) A stipulated premium company may not write new business in this state unless the company possesses the minimum capital required under this chapter.
(b) A stipulated premium company subject to Section 884.205(a) that does not correct the impairment on or before the date provided by that subsection may not write new business in this state after that date until the impairment is corrected.
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 884 - Stipulated Premium Insurance Companies
Subchapter E. Capital and Surplus
Section 884.201. Form of Capital and Surplus
Section 884.202. Increase or Decrease of Capital Stock
Section 884.203. Public Offering of Capital Stock
Section 884.204. Company's Repurchase of Stock
Section 884.205. Impairment of Capital Stock
Section 884.206. Commissioner May Require Larger Capital and Surplus Amounts
Section 884.207. New Business Prohibited When Capital Requirements Not Satisfied