Texas Statutes
Subchapter E. Powers and Duties Relating to Insurance and Coverages
Section 887.203. Issuance of Life Insurance Policy by Certain Associations

Sec. 887.203. ISSUANCE OF LIFE INSURANCE POLICY BY CERTAIN ASSOCIATIONS. (a) A local mutual aid association or statewide mutual assessment company that has a mortuary fund and expense fund with a combined value of at least $100,000 greater than the liabilities of the combined funds may issue a life insurance policy in the same manner as a company organized under Chapter 841.
(b) An insurance policy issued as provided by Subsection (a):
(1) may not insure an individual life for more than $5,000;
(2) must be reserved as required for a company organized under Chapter 841; and
(3) may be issued only on an endowment or limited pay basis.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

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