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Texas Insurance Code - INS § 883.155. Issuance of Policy for Cash Premium Only

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 883.155. Issuance of Policy for Cash Premium Only - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-883-155/

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