Tex. Ins. Code Section 886.108
Surety Bond

(a)

A local mutual aid association’s officer responsible for the funds of the association shall file with the department a surety bond.

(b)

The surety bond must be:

(1)

executed by a surety company authorized to do business in this state;

(2)

satisfactory to the department; and

(3)

payable in an amount and conditioned as specified by Section 887.054 (Financial Officer; Bond).

(c)

This section does not apply to a local mutual aid association that:

(1)

has a total membership of 1,000 or fewer members;

(2)

charges $1 or less each for annual dues or assessments; and

(3)

charges $2.50 or less for a membership fee.

(d)

An association exempted under Subsection (c) shall file with the department a bond in the amount of $1,000 and conditioned as provided by Section 887.054 (Financial Officer; Bond).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 886.108 — Surety Bond, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­886.­htm#886.­108 (accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

§ 886.108’s source at texas​.gov