Texas Insurance Code - Section 882.305. Impairment Of Unencumbered Surplus
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Texas Laws > Insurance Code > Texas Insurance Code - Section 882.305. Impairment Of Unencumbered Surplus
Section: 882.251 882.252 882.253 882.301 882.302 882.304 882.305 882.306 882.351 882.352 882.353 882.354 882.355 882.356
§ 882.305. IMPAIRMENT OF UNENCUMBERED SURPLUS. (a) If
one-third or more of a mutual life insurance company's unencumbered
surplus as required by Section 882.301 is impaired, the company
shall correct the impairment not later than the 60th day after the
date the surplus is impaired.
(b) A company that does not correct an impairment of surplus
as required by Subsection (a) may not write insurance in this state
until the company corrects the impairment.
(c) In determining whether a company's surplus is impaired,
the company shall compute its liabilities in the manner provided by
Added by Acts 2001, 77th Leg., ch. 1419, § 1, eff. June 1, 2003.
Last modified: August 11, 2007