Sec. 822.204. FORM OF CAPITAL AND SURPLUS. (a) After incorporation and the issuance of a certificate of authority to an insurance company, the minimum capital stock and surplus of the company may consist only of:
(1) United States currency;
(2) bonds of this state;
(3) bonds or other evidences of indebtedness of the United States the principal and interest of which are guaranteed by the United States;
(4) bonds or other interest-bearing evidences of indebtedness of a county or municipality of this state; and
(5) notes secured by first mortgages:
(A) on otherwise unencumbered real property in this state the title to which is valid; and
(B) the payment of which is insured wholly or partly by the United States.
(b) Not more than 50 percent of the minimum capital stock and minimum surplus of an insurance company may be invested in an investment described by Subsection (a)(5).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Section: Previous 822.155 822.156 822.157 822.158 822.201 822.202 822.203 822.204 822.205 822.206 822.207 822.208 822.209 822.210 822.211 NextLast modified: September 28, 2016