Sec. 885.156. SURETY BOND. (a) A fraternal benefit society must file with the department a bond in an amount not less than $300,000 and not more than $1.5 million, as required by the commissioner, with sureties approved by the commissioner.
(b) The bond must be conditioned on the return of advance payments to applicants for benefit certificates as provided by this subchapter if the fraternal benefit society fails to qualify under this subchapter within one year.
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 885 - Fraternal Benefit Societies
Subchapter D. Authority to Engage in Business
Section 885.152. Eligibility to Provide Benefits
Section 885.153. Filing of Articles of Incorporation or Association
Section 885.154. Name of Fraternal Benefit Society
Section 885.155. Purposes of Fraternal Benefit Society
Section 885.157. Issuance of Preliminary Certificate of Authority
Section 885.158. Powers and Duties Under Preliminary Certificate of Authority; Qualification
Section 885.159. Termination of Authority Under Preliminary Certificate of Authority