Tex. Ins. Code § 882.055 · Subchapter B. FORMATION AND STRUCTURE OF MUTUAL LIFE INSURANCE COMPANY
UNENCUMBERED SURPLUS REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.882.htm
- Text hash
- sha256 1ed0271532e7ec32b1f22be58a4d5776fe5f90a67be6c9644c3c8c54c98c110c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 5 provisions
Provisions in this library whose text cites Tex. Ins. Code § 882.055. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 882.056APPLICATION FOR CHARTER.Printed as Section 882.055
- Tex. Ins. Code § 882.058ACTION ON APPLICATION.Printed as Section 882.055
- Tex. Ins. Code § 882.101ISSUANCE OF CERTIFICATE OF AUTHORITY.Printed as Section 882.055
- Tex. Ins. Code § 882.301AMOUNT OF UNENCUMBERED SURPLUS.Printed as Section 882.055
- Tex. Ins. Code § 885.453RESOLUTION TO CONVERT; ADDITIONAL REQUIREMENTS.Printed as Sections 882.055, 882.301(a), 882.302, 882.304, and 882.404
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.