Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by FindLaw Staff
(a) The president, vice president, and secretary of a general casualty company, or a majority of the directors or trustees of the company, shall, not later than the 60th day after January 1 of each year, deliver to the department a verified statement of the condition of the company as of December 31 of the preceding year.
(b) The statement must include:
(1) the name and location of the company;
(2) the names of the company's officers;
(3) the amount of the company's capital stock;
(4) the amount of the company's capital stock paid in;
(5) the assets of the company;
(6) the liabilities of the company;
(7) the income of the company during the year;
(8) the expenditures of the company during the year;
(9) the amount paid by the company in fees during the year;
(10) the amount paid by the company for losses during the year; and
(11) the total amount of insurance issued by the company and in force.
(c) A general casualty company's assets under Subsection (b)(5) consist of:
(1) the value of real property owned by the company;
(2) the amount of cash on hand;
(3) the amount of cash deposited with a bank or trust company;
(4) the names, amounts, and par and market values of United States bonds and all other bonds;
(5) the amount of loans secured by first mortgage on real estate;
(6) the amount of all other bonds and loans and how secured, with rate of interest;
(7) the amount of notes given for unpaid stock and how secured;
(8) the amount of interest due and unpaid;
(9) if the total value of the equipment exceeds $2,000, the value of all electronic machines that comprise a data processing system and of all other office equipment, furniture, machines, and labor-saving devices purchased for and used in connection with the business of an insurance company to the extent that the total actual cash market value of those assets is less than five percent of the other admitted assets of the company; and
(10) all other credits or assets.
(d) A general casualty company's liabilities under Subsection (b)(6) consist of:
(1) the amount of losses due and unpaid;
(2) the amount of claims for losses unadjusted; and
(3) the amount of claims for losses resisted.
(e) A general casualty company's income under Subsection (b)(7) consists of:
(1) the amount of fees received;
(2) the amount of interest received from all sources; and
(3) the amount of receipts from all other sources.
(f) A general casualty company's expenditures under Subsection (b)(8) consist of:
(1) the amount paid for losses;
(2) the amount of dividends paid to shareholders;
(3) the amount of commissions and salaries paid to agents;
(4) the amount paid to officers for salaries;
(5) the amount paid for taxes; and
(6) the amount of all other payments or expenditures.
(g) The commissioner may amend the form of the annual statement and require additional information as considered necessary to determine the standing of a general casualty company.
(h) Except as provided by Chapter 202, the department shall charge a fee of $20 for filing the annual statement required by this section. The comptroller shall collect the fee.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 861.254. Annual Statement; Filing Fee - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-861-254/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)