Texas § 883.155 ISSUANCE OF POLICY FOR CASH PREMIUM ONLY.

Texas Statutes

§ 883.155 — ISSUANCE OF POLICY FOR CASH PREMIUM ONLY.

Texas § 883.155

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Bluebook

Tex. Insurance Code Code Ann. § 883.155 (2026).

Text

Sec. 883.155. ISSUANCE OF POLICY FOR CASH PREMIUM ONLY.

(a)A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless:

(1)the company possesses surplus above all liabilities in an amount at least equal to the minimum capital and surplus required of a stock insurance company engaging in the same kinds of insurance;

(2)the company files with the department:

(A)an application for the issuance of this type of policy; and

(B)a certified copy of the resolution of the company's board of directors authorizing the issuance; and

(3)the commissioner approves the documents filed under Subdivision (2).

(b)A mutual insurance company that issues a policy for a cash premium only may waive all contingent premiums in any outstanding policies.

(c)A foreign mu

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Sec. 883.155. ISSUANCE OF POLICY FOR CASH PREMIUM ONLY. (a) A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless:
(1) the company possesses surplus above all liabilities in an amount at least equal to the minimum capital and surplus required of a stock insurance company engaging in the same kinds of insurance;
(2) the company files with the department:
(A) an application for the issuance of this type of policy; and
(B) a certified copy of the resolution of the company's board of directors authorizing the issuance; and
(3) the commissioner approves the documents filed under Subdivision (2).
(b) A mutual insurance company that issues a policy for a cash premium only may waive all contingent premiums in any outstanding policies.
(c) A foreign mutual insurance company authorized to engage in the business of insurance in this state may issue an insurance policy for a cash premium only and may waive contingent premiums on any of its outstanding policies in the same manner and subject to the same requirements as a mutual insurance company under this section that is engaged in the same kinds of insurance.