Tex. Ins. Code § 884.054 · Subchapter B. FORMATION AND STRUCTURE OF STIPULATED PREMIUM INSURANCE COMPANY
CAPITAL STOCK AND SURPLUS REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A proposed stipulated premium company's capital stock must be in an amount of at least $200,000.
(b) All of the capital stock required by Subsection (a) must be fully subscribed and paid up and delivered to the incorporators before the articles of incorporation are filed.
(c) To be incorporated, a stipulated premium company must possess at the time of incorporation, in addition to its capital, surplus in an amount of at least $75,000. The amount of the surplus is not required to be stated in the company's articles of incorporation.
(d) At the time of incorporation the minimum capital and surplus shall 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 50 percent of the minimum capital invested in first mortgage real property loans.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1309 (H.B. 2570), Sec. 1, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.884.htm
- Text hash
- sha256 a37c3f00a6c70b1c8e20e9abe950011a79631d76563b8c61d504da0fb2edd206
- 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 § 884.054. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 884.055SHARES OF STOCK.Printed as Section 884.054(d)
- Tex. Ins. Code § 884.056APPLICATION FOR CHARTER.Printed as Section 884.054
- Tex. Ins. Code § 884.059ACTION ON APPLICATION.Printed as Section 884.054
- Tex. Ins. Code § 884.201FORM OF CAPITAL AND SURPLUS.Printed as Section 884.054(d)
- Tex. Ins. Code § 884.404CAPITAL AND SURPLUS REQUIREMENTS.Printed as Section 884.054
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.