Texas Insurance Code - Section 403.052. Estimate Of Profits Of Certain Insurers
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§ 403.052. ESTIMATE OF PROFITS OF CERTAIN INSURERS. A
life, health, fire, marine, or inland marine insurance company
organized under the laws of this state may not include the following
in the estimate of the company's profits for the purpose of paying
dividends under Section 403.001:
(1) the reserve on all unexpired risks computed in the
manner provided by this code;
(2) the amount of all unpaid losses, whether adjusted
or unadjusted;
(3) each amount due the company on bonds, mortgages,
stocks, or book-accounts on which no part of the principal or
interest has been paid during the year preceding the estimate of
profits and for which:
(A) a suit for foreclosure or collection has not
been commenced; or
(B) a judgment obtained in a suit for foreclosure
or collection has remained unsatisfied for a period of more than two
years and no interest has been paid on the judgment; and
(4) if no interest has been paid on a judgment
described by Subdivision (3)(B), any interest that is due or
accrued on the judgment and remains unpaid.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 402.101 402.102 402.103 402.104 403.001 403.002 403.051 403.052 403.053 403.101 403.102 404.001 404.002 404.003 404.004
Last modified: August 11, 2007
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