Sec. 882.355. LIMITATIONS ON DIVISIBLE SURPLUS. A mutual life insurance company's divisible surplus available for payment of dividends to the company's policyholders may not include:
(1) any part of the company's unencumbered surplus that has been:
(A) allocated from the company's earned surplus;
(B) transferred from the company's contingency reserve; or
(C) otherwise acquired by the company;
(2) if the company was organized after September 5, 1955, any part of the company's unencumbered surplus required to comply with Section 882.301; or
(3) if the company's unencumbered surplus is less than $25,000, the part of the company's earned surplus for the preceding calendar year in excess of 75 percent of the earned surplus.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Section: Previous 882.304 882.305 882.306 882.351 882.352 882.353 882.354 882.355 882.356 882.401 882.402 882.403 882.404 882.405 882.451 NextLast modified: September 28, 2016