Tex. Ins. Code Section 883.155
Issuance of Policy for Cash Premium Only

(a)

A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless:

(1)

the company possesses surplus above all liabilities in an amount at least equal to the minimum capital and surplus required of a stock insurance company engaging in the same kinds of insurance;

(2)

the company files with the department:

(A)

an application for the issuance of this type of policy; and

(B)

a certified copy of the resolution of the company’s board of directors authorizing the issuance; and

(3)

the commissioner approves the documents filed under Subdivision (2).

(b)

A mutual insurance company that issues a policy for a cash premium only may waive all contingent premiums in any outstanding policies.

(c)

A foreign mutual insurance company authorized to engage in the business of insurance in this state may issue an insurance policy for a cash premium only and may waive contingent premiums on any of its outstanding policies in the same manner and subject to the same requirements as a mutual insurance company under this section that is engaged in the same kinds of insurance.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 883.155 — Issuance of Policy for Cash Premium Only, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­883.­htm#883.­155 (accessed Jun. 5, 2024).

Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 883.155’s source at texas​.gov