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Texas Insurance Code - INS § 887.354. Division of Funds:  Accident and Health Insurance Certificates and Certain Life Insurance Certificates

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

(a) This section applies to:

(1) a life insurance certificate in force on December 31, 1965, to which Section 887.353 does not apply;  and

(2) an accident, health, or hospitalization insurance certificate.

(b) An association shall deposit in a mortuary fund an amount equal to at least 60 percent of the association's assessments, not including membership fees.

(c) An association shall deposit in an expense fund:

(1) membership fees;  and

(2) the remaining portion of the assessments not deposited under Subsection (b).

(d) This section does not apply to an association operating on an assessment-as-needed basis.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 887.354. Division of Funds:  Accident and Health Insurance Certificates and Certain Life Insurance Certificates - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-887-354/

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