Sec. 941.153. ACCRUAL OF PROFITS. The profits of a Lloyd's plan may accrue to an underwriter only on the basis of the underwriter's actual investment in cash or convertible securities, without regard to any obligation or subscription of the underwriter to pay additional cash or securities in the future.
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 G - Lloyd's Plan and Reciprocal and Interinsurance Exchanges
Subchapter D. Operation, Powers, and Duties of Lloyd's Plan
Section 941.151. Liability of Underwriter
Section 941.152. Liability of Additional or Substituted Underwriter
Section 941.153. Accrual of Profits
Section 941.154. Assumption of Risk by Certain Affiliated Insurers