Sec. 887.307. REVENUE OF ASSOCIATION; DEPOSIT. (a) The revenue of an association must be derived from:
(1) membership fees; and
(2) assessments.
(b) Not later than the fifth day after the date an association collects revenue, the association shall deposit the revenue in a state or national bank.
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 887 - Provisions Applicable to Certain Mutual Assessment Companies
Subchapter G. Assessments and Revenue
Section 887.301. Assessments Required
Section 887.302. Authority to Increase Assessment Rates on Certain Insurance Certificates
Section 887.303. Approval Required for Certain Rate Increases
Section 887.304. Limit on Rate Increases
Section 887.305. Expense Loading on Certain Insurance Certificates
Section 887.306. Assessment-as-Needed Associations: Payments on Certain Insurance Certificates
Section 887.307. Revenue of Association; Deposit
Section 887.308. Suspension of Member for Nonpayment
Section 887.309. Failure to Comply With Certain Commissioner Orders