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Texas Insurance Code - INS § 886.108. Surety Bond

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

(a) A local mutual aid association's officer responsible for the funds of the association shall file with the department a surety bond.

(b) The surety bond must be:

(1) executed by a surety company authorized to do business in this state;

(2) satisfactory to the department; and

(3) payable in an amount and conditioned as specified by Section 887.054.

(c) This section does not apply to a local mutual aid association that:

(1) has a total membership of 1,000 or fewer members;

(2) charges $1 or less each for annual dues or assessments; and

(3) charges $2.50 or less for a membership fee.

(d) An association exempted under Subsection (c) shall file with the department a bond in the amount of $1,000 and conditioned as provided by Section 887.054.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 886.108. Surety Bond - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-886-108/

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