reglab/housing_qa huggingface dataset:
TX Ins Code § 841.204 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.204. Exemption From Required Increase of Capital and Surplus

Sec. 841.204.  EXEMPTION FROM REQUIRED INCREASE OF CAPITAL AND SURPLUS.  (a)  Except as otherwise provided by this chapter, a domestic insurance company that after September 1, 1991, had less than the minimum amount of capital and surplus required for a newly incorporated company under Section 841.054 may continue to transact the kinds of business for which it holds a certificate of authority.(b)  The insurance company shall immediately increase the amount of its capital to the required amount of capital under Section 841.054 if there is:(1)  a change in the control of at least 50 percent of the voting securities of the insurance company;(2)  a change in the control of at least 50 percent of the voting securities of a holding company controlling the insurance company;  or(3)  a change in control of at least 50 percent by any other method of control if the insurance company or holding company is not controlled by voting securities.(c)  For purposes of Subsection (b), a transfer of ownership that occurs because of death, regardless of whether the decedent died testate or intestate, may not be considered a change in the control of an insurance company or holding company if ownership is transferred solely to one or more individuals, each of whom would be an heir of the decedent if the decedent had died intestate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.205 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.205. Commissioner May Require Larger Capital and Surplus Amounts

Sec. 841.205.  COMMISSIONER MAY REQUIRE LARGER CAPITAL AND SURPLUS AMOUNTS.  (a)  The commissioner by rule or guideline may require a domestic insurance company that writes or assumes a life insurance or annuity contract or assumes liability on or indemnifies one person for any risk under an accident and health insurance policy, or a combination of these policies, in an amount that exceeds $10,000, to maintain capital and surplus in amounts that exceed the minimum amounts required by this chapter because of:(1)  the nature and kind of risks the company underwrites or reinsures;(2)  the premium volume of risks the company underwrites or reinsures;(3)  the composition, quality, duration, or liquidity of the company's investment portfolio;(4)  fluctuations in the market value of securities the company holds;  or(5)  the adequacy of the company's reserves.(b)  A rule adopted under Subsection (a) must be designed to ensure the financial solvency of an insurance company for the protection of policyholders but may not require that the total admitted assets of a company exceed 106 percent of its total liabilities.(c)  A fraternal benefit society operating under Chapter 885 and a mutual life insurance company operating under Chapter 882 are subject to a rule adopted under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.206 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.206. Impairment of Capital and Surplus

Sec. 841.206.  IMPAIRMENT OF CAPITAL AND SURPLUS.  (a)  An insurance company incorporated or authorized to do the lines of business authorized in this chapter may not have:(1)  the company's required capital impaired;(2)  more than 90 percent of the company's required minimum surplus impaired; or(3)  the surplus required under Section 841.205 impaired.(b)  If the commissioner determines that an insurance company's capital or surplus is impaired in violation of this section, the commissioner shall:(1)  order the company to immediately reduce the level of impairment to an acceptable level of impairment as specified by the commissioner or prohibit the company from engaging in the business of insurance in this state;  and(2)  begin proceedings as necessary to determine any further actions with respect to the impairment.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.021, eff. September 1, 2005.|
TX Ins Code § 841.207 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.207. Actions of Commissioner When Capital and Surplus Requirements Not Satisfied

Sec. 841.207.  ACTIONS OF COMMISSIONER WHEN CAPITAL AND SURPLUS REQUIREMENTS NOT SATISFIED.  If an insurance company does not comply with the capital and surplus requirements of this chapter, the commissioner may order the insurance company to cease writing new business and may:(1)  place the insurance company under state supervision or conservatorship;(2)  declare the insurance company to be in a hazardous condition as provided by Subchapter A, Chapter 404;(3)  declare the insurance company to be impaired as provided by Section 841.206; or(4)  apply to the insurance company any other applicable sanction provided by this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.022, eff. April 1, 2009.|
TX Ins Code § 841.251 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.251. Evidence of Expenditures

Sec. 841.251.  EVIDENCE OF EXPENDITURES.  (a)  A domestic insurance company may not make an expenditure of $100 or more unless the expenditure is evidenced by a voucher that:(1)  is signed by or on behalf of the individual, firm, or corporation that receives the money;  and(2)  describes the consideration received for the payment correctly.(b)  For an expenditure for both services and disbursements, the voucher must state the services rendered and disbursement made.(c)  For an expenditure related to a matter pending before a legislature or public body or a department or officer of a state or government, the voucher must describe both the nature of the matter and the interest of the company in the matter correctly.(d)  If the domestic insurance company cannot obtain a voucher as required by this section, the expenditure must be evidenced by:(1)  a paid check;  or(2)  an affidavit that:(A)  describes the nature and purpose of the expenditure;  and(B)  states the reason the voucher was not obtained.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.252 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.252. Payments to Officers, Directors, and Employees

Sec. 841.252.  PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES.  (a)  Unless first authorized by a vote of a domestic insurance company's board of directors or a committee of the board that has the duty to authorize the payments, the company may not pay any compensation or emolument in an amount that, when added to any compensation or emolument paid to the person by an affiliated domestic insurance company, exceeds $150,000 in any year to an individual, firm, or corporation, including an officer or director of the company.(b)  Subsection (a) does not prevent a domestic insurance company from contracting with its agents for the payment of renewal commissions.(c)  The shareholders of a domestic insurance company may authorize the creation of one or more plans for the payment of pensions, retirement benefits, or group insurance for the company's officers and employees.  The shareholders may delegate to the company's board of directors the power and duty to prepare, effect, finally approve, administer, and amend a plan.(d)  A mutual insurance company, acting through the company's policyholders, may exercise the same discretion, and has the same powers, privileges, and rights, as are conferred on a domestic insurance company under Subsection (c).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 94 (H.B. 651), Sec. 1, eff. September 1, 2009.|
TX Ins Code § 841.253 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.253. Life Insurance Company's Payment of Dividends

Sec. 841.253.  LIFE INSURANCE COMPANY'S PAYMENT OF DIVIDENDS.  (a)  A life insurance company may declare or pay a dividend to its:(1)  policyholders only from the expense loading and profits made by the company;  and(2)  shareholders only from the company's earned surplus, as defined by the commissioner.(b)  A life insurance company that is not showing a profit may pay a dividend on its participating policies from the expense loading on those policies.(c)  A life insurance company may not discriminate between policyholders in paying a dividend from the expense loading under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.254 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.254. Transfer of Stock

Sec. 841.254.  TRANSFER OF STOCK.  (a)  A domestic insurance company's shares of stock are transferrable on the company's books, in accordance with law and the bylaws of the company, by the owner or the owner's authorized agent.(b)  Each person who becomes a shareholder by a transfer of shares succeeds to all rights of the former holder of those shares, by reason of that ownership.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.255 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.255. Annual Statement; Filing Fee

Sec. 841.255.  ANNUAL STATEMENT;  FILING FEE.  (a)  Not later than March 1 of each year, a domestic insurance company shall:(1)  prepare a statement showing the condition of the company on December 31 of the preceding year; and(2)  deliver the statement to the department accompanied by a filing fee in the amount determined under Chapter 202.(b)  The statement must be under oath of two of the domestic insurance company's officers and show in detail:(1)  the character of the company's assets and liabilities on December 31 of the preceding year;(2)  the amount and character of business transacted and money received during the preceding year;(3)  how money was spent during the preceding year;(4)  the number and amount of the company's policies in force in this state on that date;  and(5)  the total amount of the company's policies in force on that date.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.023, eff. April 1, 2009.|
TX Ins Code § 841.256 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.256. Business in Separate Departments of Domestic Insurance Company

Sec. 841.256.  BUSINESS IN SEPARATE DEPARTMENTS OF DOMESTIC INSURANCE COMPANY.  A domestic insurance company may not transact more than one of the kinds of insurance business described by Section 841.051(a) unless the company establishes separate departments to transact each kind of business.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.257 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.257. Kinds of Business Limited

Sec. 841.257.  KINDS OF BUSINESS LIMITED.  An insurance company authorized to engage in the business of insurance under this chapter or in accordance with Section 982.051 may not accept a risk or write an insurance policy in this state or any other state or country other than:(1)  a life, accident, or health insurance policy;(2)  reinsurance under Chapter 493 by a life insurance company authorized to engage in the business of insurance in this state; or(3)  reinsurance under Chapter 494 by a domestic insurance company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.022, eff. September 1, 2005.Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.024, eff. April 1, 2009.Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.04, eff. September 1, 2017.|
TX Ins Code § 841.258 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.258. Agents for Company That Ceases Writing New Business

Sec. 841.258.  AGENTS FOR COMPANY THAT CEASES WRITING NEW BUSINESS.  An insurance company that ceases to write new business in this state may maintain in this state agents to collect renewal premiums on outstanding policies the company has written under its certificate of authority.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.022, eff. September 1, 2005.|
TX Ins Code § 841.259 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.259. Activities of Directors and Officers

Sec. 841.259.  ACTIVITIES OF DIRECTORS AND OFFICERS.  (a)  A director or officer of an insurance company may not:(1)  receive money or another valuable thing for negotiating, procuring, recommending, or aiding in a purchase or sale of property by or a loan from the company;  or(2)  have a pecuniary interest, as a principal, coprincipal, agent, or beneficiary, in a purchase, sale, or loan described by Subdivision (1).(b)  This section does not prohibit:(1)  a life insurance company from making a loan to a policyholder in an amount that is not greater than the reserve value of the policy;  or(2)  a transaction, purchase, sale, or loan approved by the commissioner under Subchapter A of Chapter 805 or Chapter 823.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.260 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.260. Prohibited Commissions

Sec. 841.260.  PROHIBITED COMMISSIONS.  (a)  In this section, "contingent compensation" means a commission or other compensation an insurance company pays to a person that is contingent on:(1)  the writing or procurement of an insurance policy in the company;(2)  the procurement of an application for an insurance policy in the company;(3)  the payment of a renewal premium;  or(4)  the assumption of an insurance risk by the company.(b)  A life insurance company that engages in the business of insurance in this state may not, directly or indirectly, pay or contract to pay a contingent compensation to:(1)  the president, vice president, secretary, or treasurer of the company;(2)  any other officer of the company, other than an agent or solicitor;(3)  an actuary of the company;  or(4)  a medical director or other physician of the company whose duty is to examine risks or applications for insurance for the company.(c)  This section does not prohibit a plan of compensation to a marketing officer according to the total amount of insurance the insurance company writes or to the total amount of insurance in force with the insurance company during a specified period if:(1)  the commissioner approves the plan under Subchapter A, Chapter 805;(2)  the marketing officer is not responsible for underwriting, rating, or otherwise approving the acceptability of insurance risks;  and(3)  the plan does not compensate the marketing officer according to commissions on individual sales of any insurance product.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.261 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter F. General Powers, Duties, and Limitations|Section 841.261. Causes of Action

Sec. 841.261.  CAUSES OF ACTION.  (a)  A domestic insurance company may bring an action against any person, including a policyholder or shareholder of the company, for any cause related to the company's business.(b)  A policyholder or an heir or legal representative of a policyholder may bring an action against a domestic insurance company for a loss that accrues on a policy.(c)  An action enjoining, restraining, or interfering with the prosecution of a domestic insurance company's business may be brought only by the department.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.302 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter G. Issuance of Policies|Section 841.302. Limits on Life or Accidental Death Insurance

Sec. 841.302.  LIMITS ON LIFE OR ACCIDENTAL DEATH INSURANCE.  (a)  Until the amount of the capital and surplus of a domestic insurance company is at least $100,000, the company may not insure any one life for more than $20,000 in the event of death from natural causes or more than $40,000 in the event of death from accidental causes.(b)  If the net capital and surplus of a domestic insurance company is at least $75,001 but less than $100,000, the company, for any policy issued by the company, shall reinsure the amount of the benefit that exceeds $4,000 in the event of death from natural causes and the amount of the benefit that exceeds $8,000 in the event of death from accidental causes.(c)  If the net capital and surplus of a domestic insurance company is at least $50,001 but less than $75,001, the company, for any policy issued by the company, shall reinsure the amount of the benefit that exceeds $3,000 in the event of death from natural causes and the amount of the benefit that exceeds $6,000 in the event of death from accidental causes.(d)  If the net capital and surplus of a domestic insurance company is at least $35,001 but less than $50,001, the company, for any policy issued by the company, shall reinsure the amount of the benefit that exceeds $2,000 in the event of death from natural causes and the amount of the benefit that exceeds $4,000 in the event of death from accidental causes.(e)  If the net capital and surplus of a domestic insurance company is $35,000 or less, the company, for any policy issued by the company, shall reinsure the amount of the benefit that exceeds $1,000 in the event of death from natural causes and the amount of the benefit that exceeds $2,000 in the event of death from accidental causes.(f)  Benefits under this section must be reinsured with a legal reserve company that is authorized to engage in the business of insurance in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.303 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter G. Issuance of Policies|Section 841.303. Entire Contract

Sec. 841.303.  ENTIRE CONTRACT.  Each policy of insurance issued or delivered in this state by any life insurance company engaged in business in this state constitutes the entire contract between the parties, except that if the application is made a part of the contract, the policy and the application constitute the entire contract.|Redesignated from Insurance Code Sec. 1101.003(a) and amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.204(a), eff. Sept. 1, 2003.|
TX Ins Code § 841.351 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.351. Deposit With Comptroller

Sec. 841.351.  DEPOSIT WITH COMPTROLLER.  (a)  A domestic insurance company may, at its option, deposit with the comptroller either:(1)  securities in which the company's capital stock is invested;  or(2)  securities in an amount equal to the amount of the company's capital stock.(b)  Securities deposited under Subsection (a) must be securities of a class authorized by the laws of this state for investments of a domestic insurance company's capital stock.(c)  A domestic insurance company may, at its option, withdraw a deposit made under Subsection (a), or any portion of the deposit, after substituting a deposit of securities of a like class and of an amount and value equal to the withdrawn deposit or portion of deposit.(d)  The commissioner must first approve any securities deposited or being substituted under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.352 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.352. Issuance of Receipt for Deposit

Sec. 841.352.  ISSUANCE OF RECEIPT FOR DEPOSIT.  When a domestic insurance company deposits securities under this subchapter, the comptroller shall issue to the company a receipt that:(1)  describes the deposit in a manner that identifies the securities;  and(2)  states that the securities are held on deposit as capital stock investments of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|