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Texas Insurance Code - INS § 884.256. Annual Statement;  Filing Fee

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

(a) Except as provided by Section 884.406, not later than March 31 of each year a stipulated premium company shall:

(1) prepare a statement showing the condition of the company on December 31 of the preceding year;  and

(2) deliver the statement to the department accompanied by a filing fee in the amount determined under Chapter 202.

(b) The statement must be under the oath of two of the stipulated premium company's officers and must show in detail:

(1) the character of the company's assets and liabilities on December 31 of the preceding year;

(2) the amount and character of business transacted and money received during the year and how money was spent during the year;

(3) the number and amount of the company's policies in force on that date;  and

(4) the total amount of the company's policies in force on that date.

(c) For purposes of Subsection (b), an insured under a family group policy to which Section 884.451(b) applies is accounted for only if a reserve is required for that insured under that section.

(d) The department shall prescribe the form of the statement.

(e) Fees collected under this section shall be deposited to the credit of the Texas Department of Insurance operating account.  Sections 201.001 and 201.002 apply to fees collected under this section.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 884.256. Annual Statement;  Filing Fee - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-884-256/

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