Sec. 887.357. INVESTMENT OF FUNDS. (a) An association may invest money from a mortuary fund only in securities and investments that are a legal investment for the reserve funds of a domestic life, accident, and health insurance company operating under Chapter 841.
(b) An association may invest money from an expense fund only in securities and investments that are a legal investment for the surplus funds of a domestic life, accident, and health insurance company operating under Chapter 841.
(c) An association may invest surplus funds belonging to the association only in securities that are a legal investment for the surplus funds of a domestic life, accident, and health insurance company operating under Chapter 841.
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