Sec. 912.308. AMOUNT AND INVESTMENT OF SURPLUS. (a) A county mutual insurance company shall maintain an unencumbered surplus which may be invested only in items listed in Section 822.204 . The unencumbered surplus must be at least: (1) $25,000, if the company is organized to write insurance coverage locally in only the county of its domicile; (2) $50,000, if the company is organized to write insurance coverage in only the county of its domicile and any adjacent county; or (3) an amount equal to the aggregate of the minimum capital and minimum surplus required under Sections 822.054 , 822.202 , 822.210 , and 822.211 , for a fire insurance company if the county mutual insurance company is organized to write insurance coverage statewide. (b) Except as provided by Section 912.056 , a county mutual insurance company is subject to Subchapter B , Chapter 404 , and Sections 822.203 , 822.210 , and 822.212 .
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.