Sec. 887.356. DIVISION OF FUNDS: ASSESSMENT-AS-NEEDED ASSOCIATIONS. (a) An association operating on an assessment-as-needed basis shall divide collected assessments into at least:
(1) a mortuary fund; and
(2) an expense fund.
(b) An association under this section shall deposit into a mortuary fund an amount equal to at least 60 percent of the association's assessments, not including membership fees.
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 H. Mortuary and Expense Funds
Section 887.351. Mortuary and Expense Funds
Section 887.352. Limits on Use of Funds
Section 887.353. Division of Funds: Certain Life Insurance Certificates
Section 887.355. Division of Funds: Certain Life Insurance Certificates With No Rate Increase
Section 887.356. Division of Funds: Assessment-as-Needed Associations
Section 887.357. Investment of Funds
Section 887.358. Payment of Taxes on Mortuary Fund Income