Tex. Ins. Code § 882.253 · Subchapter F. GENERAL FINANCIAL REQUIREMENTS
LOANS TO COMPANY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An officer or director of a mutual life insurance company, or a person authorized under Chapter 825, may loan to the company money to:
(1) promote or conserve the company's business; or
(2) enable the company to comply with a legal requirement.
(b) The company may repay a loan and agreed interest, at an annual rate not to exceed 10 percent, from the surplus remaining after the company provides for the company's reserves and other liabilities.
(c) A loan under this section or interest on a loan is not otherwise a liability or claim against the company or any of its assets.
(d) A mutual life insurance company may not pay a commission or promotion expense in connection with a loan made to the company.
(e) A mutual life insurance company shall report in its annual statement the amount of each loan.
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 c0249cc989dc0ae2a28bd1f2d645be25d060ca8eab3c79ef46b2257d3ff7ece2
- 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
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