reglab/housing_qa huggingface dataset:
TX Ins Code § 882.152 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.152. Adoption of Initial Bylaws

Sec. 882.152.  ADOPTION OF INITIAL BYLAWS.  (a)  At the first meeting of the initial board of directors of a mutual life insurance company after the department issues a certificate of authority to the company, the board shall adopt the initial bylaws of the company.(b)  The bylaws adopted under Subsection (a) shall govern the company until the first annual meeting of the board of directors.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.153 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.153. Annual Meeting

Sec. 882.153.  ANNUAL MEETING.  (a)  Except as provided by Subsection (b), after a mutual life insurance company is issued a certificate of authority under Section 882.101, the company shall hold an annual meeting of the policyholders on the fourth Tuesday in April at the home office of the company or another location properly announced to each policyholder.(b)  The bylaws of a mutual life insurance company may establish an annual meeting date different than the date under Subsection (a).  A meeting date established under this subsection must be before April 30 of each year.(c)  At each annual meeting, the policyholders:(1)  shall elect the company's board of directors to serve until the next annual meeting, except as provided by Section 882.154;  and(2)  may adopt, amend, or repeal the bylaws of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.154 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.154. Staggered Terms for Large Board of Directors

Sec. 882.154.  STAGGERED TERMS FOR LARGE BOARD OF DIRECTORS.  (a)  This section applies only to a mutual life insurance company whose board of directors consists of at least nine members.(b)  The bylaws of a mutual life insurance company may provide that the company's directors, other than initial directors, may be elected to serve staggered terms as provided by this section.(c)  The company's directors shall be divided into two or three classes, with each class consisting of an equal number of directors to the extent possible.  After the directors are divided into classes:(1)  the terms of the directors in the first class expire on the first annual meeting date after their initial election;(2)  the terms of the directors in the second class expire on the second annual meeting date after their initial election;  and(3)  the terms of the directors in the third class, if any, expire on the third annual meeting date after their initial election.(d)  At each annual meeting after the directors are first elected, the policyholders shall elect the number of directors whose terms expire on that date.  Directors are elected for:(1)  staggered two-year terms, if the board is divided into two classes;  or(2)  staggered three-year terms, if the board is divided into three classes.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.155 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.155. Voting by Policyholders

Sec. 882.155.  VOTING BY POLICYHOLDERS.  (a)  At an annual or special meeting of a mutual life insurance company, each policyholder is entitled to one vote for each $500 of insurance held by the policyholder in the company.(b)  A policyholder may vote at an annual or special meeting by proxy, unless the proxy is revoked before the meeting.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.156 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.156. Officers

Sec. 882.156.  OFFICERS.  (a)  The board of directors of a mutual life insurance company shall elect the following officers for the company:(1)  a president;(2)  the number of vice presidents as required by the company's bylaws;(3)  a secretary;(4)  a treasurer;(5)  a medical director;  and(6)  other officers as required by the company's bylaws.(b)  The board shall establish the compensation of each officer.(c)  The duties of each officer shall be prescribed by the company's bylaws.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.157 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.157. Officer Bonds

Sec. 882.157.  OFFICER BONDS.  The president, secretary, and treasurer of a mutual life insurance company shall each provide a bond for the protection of the company's policyholders:(1)  in an amount and with sureties approved by the commissioner;  and(2)  conditioned on the faithful performance of the officer's duties.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.158 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.158. Bylaws Must Comply With Law

Sec. 882.158.  BYLAWS MUST COMPLY WITH LAW.  The bylaws of a mutual life insurance company may not be inconsistent with this chapter or other laws of this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.201 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter E. Agents|Section 882.201. Applicability of Subchapter

Sec. 882.201.  APPLICABILITY OF SUBCHAPTER.  This subchapter does not apply to a mutual life insurance company organized under this chapter that has a surplus of at least the minimum amount of capital and surplus required of a capital stock company under Sections 841.054, 841.204, 841.205, 841.301, and 841.302.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.202 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter E. Agents|Section 882.202. Issuance of License to Agent

Sec. 882.202.  ISSUANCE OF LICENSE TO AGENT.  On written request of a mutual life insurance company to which a certificate of authority has been issued under this chapter, the department shall issue a license to each agent of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.203 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter E. Agents|Section 882.203. Limitation on Agent Compensation

Sec. 882.203.  LIMITATION ON AGENT COMPENSATION.  A contract between a mutual life insurance company and an agent of the company to which a license has been issued under Section 882.202 may not provide a commission or other compensation to the agent that exceeds the expense loading in the premiums on policies that are issued on applications obtained by the agent and for which the premiums are collected and paid to the company in cash.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.251 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter F. General Financial Requirements|Section 882.251. Limited Authority to Borrow Money

Sec. 882.251.  LIMITED AUTHORITY TO BORROW MONEY.  (a)  Except as provided by this subchapter, a mutual life insurance company may not borrow money for any purpose other than to pay a death loss.(b)  A company may not incur a debt on an account for which any part of the company's assets that exceeds the assets represented by or derived from the expense loading in the premiums collected by the company is subject to execution on a judgment.(c)  Subsection (b) does not prohibit a company from incurring a debt on an account:(1)  under a policy issued by the company;  or(2)  to borrow money to pay a death loss.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.252 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter F. General Financial Requirements|Section 882.252. Investment of Money

Sec. 882.252.  INVESTMENT OF MONEY.  (a)  A mutual life insurance company shall invest the company's money in accordance with the law governing investments of life, health, and accident insurance companies organized under Chapter 841.(b)  An officer of a mutual life insurance company who does not invest the money of the company as required by Subsection (a) shall deposit the money in the name of the company in a bank that:(1)  is subject to state or federal regulation;  and(2)  has been approved by the commissioner as a depository for that purpose.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.253 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter F. General Financial Requirements|Section 882.253. Loans to Company

Sec. 882.253.  LOANS TO COMPANY.  (a)  An officer or director of a mutual life insurance company, or a person authorized under Chapter 825, may loan to the company money to:(1)  promote or conserve the company's business;  or(2)  enable the company to comply with a legal requirement.(b)  The company may repay a loan and agreed interest, at an annual rate not to exceed 10 percent, from the surplus remaining after the company provides for the company's reserves and other liabilities.(c)  A loan under this section or interest on a loan is not otherwise a liability or claim against the company or any of its assets.(d)  A mutual life insurance company may not pay a commission or promotion expense in connection with a loan made to the company.(e)  A mutual life insurance company shall report in its annual statement the amount of each loan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.301 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.301. Amount of Unencumbered Surplus

Sec. 882.301.  AMOUNT OF UNENCUMBERED SURPLUS.  (a)  A mutual life insurance company that engages in the business of insurance in this state shall maintain an unencumbered surplus of at least $100,000 that consists of cash or classes of investment as provided by Section 882.055.(b)  Except as otherwise authorized by this code, a company that does not maintain an unencumbered surplus as required by this section may not write new insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.302 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.302. Exemption for Certain Companies

Sec. 882.302.  EXEMPTION FOR CERTAIN COMPANIES.  A mutual life insurance company that was authorized and engaged in the business of insurance in this state before May 1, 1955, is not required to increase the amount or convert the class or form of the company's existing unencumbered surplus to comply with Section 882.301 and may not be prohibited from writing new insurance because the company does not maintain an unencumbered surplus as required by that section if the company complies with all other laws.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.303 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.303. Unencumbered Surplus Less Than $25,000

Sec. 882.303.  UNENCUMBERED SURPLUS LESS THAN $25,000.  A mutual life insurance company whose unencumbered surplus is less than $25,000 shall allocate at least 25 percent of the company's net earned surplus for the preceding calendar year to the company's unencumbered surplus until the company has obtained an unencumbered surplus of at least $25,000.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.304 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.304. Investment of Excess Unencumbered Surplus

Sec. 882.304.  INVESTMENT OF EXCESS UNENCUMBERED SURPLUS.  A mutual life insurance company that is granted a charter under this chapter may invest that part of the company's unencumbered surplus that exceeds $100,000 as provided by this code for companies operating under Chapter 841.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.305 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.305. Impairment of Unencumbered Surplus

Sec. 882.305.  IMPAIRMENT OF UNENCUMBERED SURPLUS.  (a)  If one-third or more of a mutual life insurance company's unencumbered surplus as required by Section 882.301 is impaired, the company shall correct the impairment not later than the 60th day after the date the surplus is impaired.(b)  A company that does not correct an impairment of surplus as required by Subsection (a) may not write insurance in this state until the company corrects the impairment.(c)  In determining whether a company's surplus is impaired, the company shall compute its liabilities in the manner provided by state law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.306 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter G. Unencumbered Surplus Requirements|Section 882.306. Impairment of Unencumbered Surplus; Appointment of Receiver

Sec. 882.306.  IMPAIRMENT OF UNENCUMBERED SURPLUS;  APPOINTMENT OF RECEIVER.  (a)  If one-half or more of a mutual life insurance company's unencumbered surplus as required by Section 882.301 is impaired, the commissioner may apply to a court for the appointment of a receiver to wind up the affairs of the company.(b)  In determining whether a company's surplus is impaired, the company shall compute its reserve liability in the manner provided by state law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.351 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.351. Policyholder's Entitlement to Dividend

Sec. 882.351.  POLICYHOLDER'S ENTITLEMENT TO DIVIDEND.  A policyholder of a mutual life insurance company is entitled to a credit or payment of a dividend from that part of the company's divisible surplus that may be fairly allocated to the policyholder's policy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.352 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.352. Accounting and Procedure for Allocation of Divisible Surplus; Report to Commissioner

Sec. 882.352.  ACCOUNTING AND PROCEDURE FOR ALLOCATION OF DIVISIBLE SURPLUS;  REPORT TO COMMISSIONER.  (a)  On December 31 of each year, or as soon after as practicable, each mutual life insurance company shall determine the amount of surplus earned by the company during that year.(b)  Not later than the end of the second year in which a policy issued by the company is in effect, the company shall provide to the policyholder:(1)  an annual accounting of the company's divisible surplus;  and(2)  if all premiums due on the policy have been paid for at least two years, a fair allocation of the company's divisible surplus that remains after deducting:(A)  any amount approved by the commissioner for retirement of any unpaid loans made under Section 882.253;(B)  the company's contingency reserve;  and(C)  any earned surplus the company allocated to unencumbered surplus as provided by this chapter.(c)  The company shall immediately submit to the commissioner a detailed report of an allocation of divisible surplus made under this section.  The president or secretary of the company shall sign the report under oath.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.353 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.353. Department Approval of Allocation; Revisions

Sec. 882.353.  DEPARTMENT APPROVAL OF ALLOCATION;  REVISIONS.  (a)  The department shall approve a mutual life insurance company's allocation of divisible surplus under Section 882.352 if the department finds that the allocation is fair to the policyholders and complies with this chapter.(b)  If the department does not approve a company's allocation of surplus, the department shall revise the allocation in a manner that the department determines is fair to the policyholders and necessary to comply with this chapter.  The department shall certify the revisions to the company.(c)  An allocation of surplus approved under Subsection (a) takes effect on the date of approval.  An allocation of surplus revised by the department under Subsection (b) takes effect on the date the department certifies the revisions to the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.354 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.354. Dividend Payment Method

Sec. 882.354.  DIVIDEND PAYMENT METHOD.  (a)  A dividend declared by a mutual life insurance company under this subchapter shall be paid in:(1)  cash;  or(2)  the equivalent of the dividend's cash value as provided by an option stated in the policy and selected by the policyholder.(b)  A policyholder shall notify the company in writing of an option selected by the policyholder under Subsection (a)(2).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.355 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.355. Limitations on Divisible Surplus

Sec. 882.355.  LIMITATIONS ON DIVISIBLE SURPLUS.  A mutual life insurance company's divisible surplus available for payment of dividends to the company's policyholders may not include:(1)  any part of the company's unencumbered surplus that has been:(A)  allocated from the company's earned surplus;(B)  transferred from the company's contingency reserve;  or(C)  otherwise acquired by the company;(2)  if the company was organized after September 5, 1955, any part of the company's unencumbered surplus required to comply with Section 882.301;  or(3)  if the company's unencumbered surplus is less than $25,000, the part of the company's earned surplus for the preceding calendar year in excess of 75 percent of the earned surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.356 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter H. Dividends|Section 882.356. Payment of Dividends Not Required

Sec. 882.356.  PAYMENT OF DIVIDENDS NOT REQUIRED.  This subchapter does not require a mutual life insurance company to pay a dividend to a policyholder if the unencumbered surplus acquired by the company is impaired.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|