Tex. Ins. Code § 887.057 · Subchapter B. GENERAL POWERS AND DUTIES; OFFICERS AND DIRECTORS
DEPOSIT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An association shall, through the department, deposit with the comptroller an amount equal to the largest risk assumed by the association on any one life or individual.
(b) A deposit under this section must be cash or convertible securities subject to approval by the department.
(c) A deposit is liable for the payment of any final judgment against the association and is subject to garnishment after a final judgment against the association.
(d) An association shall immediately replenish a deposit under this section if the deposit is impounded or depleted. If the association fails to immediately replenish the deposit on demand by the department, the department may consider the association insolvent and take appropriate action.
(e) An association may not state in an advertisement, in a letter, in literature, or otherwise that it has made a deposit with the department as required by law, unless the association also states fully:
(1) the purpose of the deposit;
(2) the conditions under which the deposit is made; and
(3) the exact amount and character of the deposit.
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.887.htm
- Text hash
- sha256 75fe00ad3493654c1cea3927a1eedb6b8ff03ef517b0c027af58067a7ab9804c
- 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.