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Texas Insurance Code - INS § 887.355. Division of Funds: Certain Life Insurance Certificates with No Rate Increase

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

(a) This section applies to a life insurance certificate in force on December 31, 1965, on which the assessment rate has not been increased.

(b) An association may:

(1) deposit in a mortuary fund at least the net renewal premium, based on the reserve table adopted by the association; and

(2) deposit in an expense fund the remaining portion of the premium.

(c) 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 § 887.355. Division of Funds: Certain Life Insurance Certificates with No Rate Increase - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-887-355/

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