Texas § 887.055 BOND REQUIREMENTS FOR CERTAIN PERSONS.

Texas Statutes

§ 887.055 — BOND REQUIREMENTS FOR CERTAIN PERSONS.

Texas § 887.055

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 887.055 (2026).

Text

Sec. 887.055. BOND REQUIREMENTS FOR CERTAIN PERSONS.

(a)In addition to the bond required by Section 887.054 and any other bond required by law, an association shall obtain a separate or blanket surety bond covering each other person who may have access to the association's mortuary funds. The bond must:

(1)be issued by a surety authorized by the department to engage in business in this state;

(2)be payable to the department for the use and benefit of the association;

(3)obligate the principal and surety to pay any monetary loss sustained by the association through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by a covered person, whether acting alone or with other persons; and

(4)be in an amount determined by the department of at least $1,000 but

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Sec. 887.055. BOND REQUIREMENTS FOR CERTAIN PERSONS. (a) In addition to the bond required by Section 887.054 and any other bond required by law, an association shall obtain a separate or blanket surety bond covering each other person who may have access to the association's mortuary funds. The bond must:
(1) be issued by a surety authorized by the department to engage in business in this state;
(2) be payable to the department for the use and benefit of the association;
(3) obligate the principal and surety to pay any monetary loss sustained by the association through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by a covered person, whether acting alone or with other persons; and
(4) be in an amount determined by the department of at least $1,000 but not more than $5,000.
(b) Successive recoveries may be made on a bond under this section until the amount of the bond is exhausted.