Texas § 427.055 PAYMENT OF PRINCIPAL OR INTEREST ON CERTAIN LIABILITIES.

Texas Statutes

§ 427.055 — PAYMENT OF PRINCIPAL OR INTEREST ON CERTAIN LIABILITIES.

Texas § 427.055

Code INInsurance Code

This text of Texas § 427.055 (PAYMENT OF PRINCIPAL OR INTEREST ON CERTAIN LIABILITIES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 427.055 (2026).

Text

Sec. 427.055. PAYMENT OF PRINCIPAL OR INTEREST ON CERTAIN LIABILITIES.

(a)An insurer or health maintenance organization may not pay principal or interest on a subordinated liability assumed under Section 427.052 or Subchapter C , Chapter 823 , on or after September 1, 1995, unless:

(1)the payment complies with a schedule of payments contained in the agreement approved by the commissioner in accordance with Section 427.052 or Subchapter C , Chapter 823 ; or

(2)if the payment does not comply with the schedule of payments contained in the agreement or the agreement does not contain a payment schedule, the insurer or health maintenance organization provides written notice to the commissioner not later than the 15th day before the scheduled payment date.

(b)A loan, debenture, revenue bond,

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Sec. 427.055. PAYMENT OF PRINCIPAL OR INTEREST ON CERTAIN LIABILITIES. (a) An insurer or health maintenance organization may not pay principal or interest on a subordinated liability assumed under Section 427.052 or Subchapter C , Chapter 823 , on or after September 1, 1995, unless:
(1) the payment complies with a schedule of payments contained in the agreement approved by the commissioner in accordance with Section 427.052 or Subchapter C , Chapter 823 ; or
(2) if the payment does not comply with the schedule of payments contained in the agreement or the agreement does not contain a payment schedule, the insurer or health maintenance organization provides written notice to the commissioner not later than the 15th day before the scheduled payment date.
(b) A loan, debenture, revenue bond, or advance agreement issued to an insurer or health maintenance organization before September 1, 1995, and any subsequent payment of principal or interest on the indebtedness are governed by the law in effect on the date of issuance.