Tex. Ins. Code § 883.155 · Subchapter D. POWERS, DUTIES, AND OPERATION OF COMPANY
ISSUANCE OF POLICY FOR CASH PREMIUM ONLY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless:
(1) the company possesses surplus above all liabilities in an amount at least equal to the minimum capital and surplus required of a stock insurance company engaging in the same kinds of insurance;
(2) the company files with the department:
(A) an application for the issuance of this type of policy; and
(B) a certified copy of the resolution of the company's board of directors authorizing the issuance; and
(3) the commissioner approves the documents filed under Subdivision (2).
(b) A mutual insurance company that issues a policy for a cash premium only may waive all contingent premiums in any outstanding policies.
(c) A foreign mutual insurance company authorized to engage in the business of insurance in this state may issue an insurance policy for a cash premium only and may waive contingent premiums on any of its outstanding policies in the same manner and subject to the same requirements as a mutual insurance company under this section that is engaged in the same kinds of insurance.
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.883.htm
- Text hash
- sha256 21f83056453198ace7155c4c08d4d5b2c8317e51d487245966ca123a0c0c7863
- 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 3 provisions
Provisions in this library whose text cites Tex. Ins. Code § 883.155. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 883.156ASSESSMENT ON POLICYHOLDERS.Printed as Section 883.155(a)
- Tex. Ins. Code § 912.155REPAIR OR REPLACEMENT OF INSURED PROPERTY.Printed as Sections 883.154, 883.155, and 883.156
- Tex. Ins. Code § 912.202PAYMENT OF PREMIUM OR ASSESSMENT.Printed as Sections 883.154, 883.155, and 883.156
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.