Tex.
Ins. Code Section 862.001
Annual Statement
(a)
Each year the president or vice president and the secretary of a fire, marine, or inland marine insurance company shall:(1)
prepare under oath a complete and accurate statement of the condition of the company as of December 31 of the preceding year; and(2)
file the statement with the department before the 62nd day of the year in which it is prepared.(b)
The annual statement must show:(1)
the name and location of the company;(2)
the names and residences of the company’s officers;(3)
the amount of the capital stock of the company;(4)
the amount of capital stock paid up;(5)
the property and assets held by the company, specifying:(A)
the location, description, and value, as near as may be, of real property owned by the company and, if the company is organized under the laws of this state, the annual statement must include an abstract of the title to that real property;(B)
the amount of cash on hand and on deposit in banks to the credit of the company and the names of those banks;(C)
the amount of cash held by agents of the company and the names of those agents;(D)
the amount of cash in the course of transmission;(E)
the amount of loans secured by a first mortgage on real property, the rate of interest on each loan, the location and value of each property, and the name of each mortgagor;(F)
the amount of all other bonds and loans, the rate of interest on each bond or loan, and a description of the security given for each bond or loan;(G)
the amount due the company from judgments that have been obtained and a description of each judgment;(H)
the amount of all stock owned by the company, including a description of the stock, the amount and number of shares, and the par and market values of each kind of stock;(I)
the amount of stock held by the company as collateral security for loans, including the amount loaned on the stock and the par and market values of the stock;(J)
the amount of interest due and unpaid to the company;(K)
a description and value of all other securities; and(L)
if the total value of the equipment exceeds $2,000, the value of all electronic machines that comprise a data processing system or systems and of all other office equipment, furniture, machines, and labor-saving devices purchased for and used in connection with the business of the insurance company to the extent that the total actual cash market value of those assets is less than five percent of the other admitted assets shown on the statement;(6)
the liabilities of the company, specifying:(A)
losses adjusted and due;(B)
losses adjusted and not due;(C)
losses unadjusted;(D)
losses in suspense and the cause for suspension;(E)
losses resisted and in litigation;(F)
dividends, in scrip or cash, specifying the amount of each declared but not due;(G)
dividends declared and due;(H)
the amount required by law as reserve on all unexpired risks, computed as required by this code;(I)
the amount due banks or other creditors, the name of each bank or creditor, and the amount due each bank or creditor;(J)
the amount of money borrowed by the company, the name of each lender, a description of the security given for each loan, and the rate of any interest; and(K)
all other claims against the company and a description of each claim;(7)
the income of the company during the preceding year, specifying:(A)
separately the amount received, after deducting reinsurance, as fire, marine, and inland marine transportation premiums;(B)
the amount received as interest; and(C)
the amount received from all other sources;(8)
the expenditures of the company during the preceding year, specifying:(A)
the amount of losses paid, showing losses that accrued before and that accrued after the date of the preceding statement, and the amount at which losses were estimated in that statement;(B)
the amount paid as dividends;(C)
the amount paid for return premiums, commissions, salaries, expenses, and other charges of officers, agents, and employees;(D)
the amount paid for federal, state, and local taxes and duties; and(E)
the amount paid for all other expenses;(9)
the largest amount insured by the company in a single risk, naming that risk;(10)
the amount of risks written during the preceding year;(11)
the amount of risks in force that have less than one year to run;(12)
the amount of risks in force that have more than one year but less than three years to run;(13)
the amount of risks that have more than three years to run; and(14)
a statement of whether dividends are declared on premiums received for risks not terminated.(c)
The commissioner may adopt rules defining electronic machines and systems, office equipment, furniture, machines, and labor-saving devices as specified in Subsection (b)(5)(L) and stating the maximum period for which each class of equipment may be amortized.
Source:
Section 862.001 — Annual Statement, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.862.htm#862.001 (accessed Apr. 29, 2024).
