Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 11. TITLE INSURANCE |
Subtitle B. ORGANIZATION OF TITLE INSURANCE COMPANIES |
Chapter 2551. TITLE INSURERS |
Subchapter F. RESERVES |
Sec. 2551.251. STATUTORY PREMIUM RESERVE REQUIRED
Latest version.
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(a) Each domestic title insurer shall establish and maintain a statutory premium reserve. The reserve is cumulative. The reserve must consist of the amounts required under Sections 2551.252-2551.260 and must be established and maintained during the period and for the uses and purposes provided by those sections.
(b) The reserve required under this section:
(1) is considered to be unearned portions of the original premium; and
(2) must be charged as a reserve liability of the title insurer in determining the insurer's financial condition.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.