Tex. Ins. Code § 882.251 · Subchapter F. GENERAL FINANCIAL REQUIREMENTS
LIMITED AUTHORITY TO BORROW MONEY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by this subchapter, a mutual life insurance company may not borrow money for any purpose other than to pay a death loss.
(b) A company may not incur a debt on an account for which any part of the company's assets that exceeds the assets represented by or derived from the expense loading in the premiums collected by the company is subject to execution on a judgment.
(c) Subsection (b) does not prohibit a company from incurring a debt on an account:
(1) under a policy issued by the company; or
(2) to borrow money to pay a death loss.
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 2a46eb86c2919e8dd983b11924a84377593de8831b09ea7e513ac3e62ed2f367
- 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
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.