Sec. 884.303. ISSUANCE OF LIFE INSURANCE POLICIES BY CERTAIN COMPANIES. (a) A stipulated premium company that possesses capital and unencumbered surplus in a combined amount of at least $100,000 may issue life insurance policies as authorized for a company operating under Chapter 841.
(b) A stipulated premium company may not insure one life under this section for more than $25,000, except as provided by Section 884.304 or Subchapter I.
(c) A stipulated premium company may issue a policy under this section only on an endowment or limited pay basis.
(d) A stipulated premium company must reserve and reinsure a policy issued under this section as required for a company operating under Chapter 841.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1309 (H.B. 2570), Sec. 4, eff. September 1, 2009.
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 G. Powers and Duties Relating to Coverages
Section 884.301. Reinsurance of Policy
Section 884.302. Limits on Life Insurance
Section 884.303. Issuance of Life Insurance Policies by Certain Companies
Section 884.304. Life Insurance of More Than $25,000
Section 884.305. Premiums on Life Insurance Policies
Section 884.306. Life Insurance Contract
Section 884.307. Issuance of Annuity Contract
Section 884.308. Limits on Amount of Accident and Health Insurance Policies