Tex. Ins. Code § 882.055

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 882.055 - Unencumbered Surplus Requirements

A mutual life insurance company must possess at the time of incorporation unencumbered surplus in an amount of at least $200,000. The unencumbered surplus may consist only of:

(1) United States currency;

(2) bonds of the United States, this state, or a county or municipality of this state; or

(3) government insured mortgage loans that are authorized by this chapter, with not more than 25 percent of the unencumbered surplus invested in first mortgage real estate loans.

Tex. Ins. Code § 882.055

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.