Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 4. REGULATION OF SOLVENCY |
Subtitle A. GENERAL PROVISIONS |
Chapter 404. FINANCIAL CONDITION |
Subchapter B. IMPAIRMENT OF STOCK OR SURPLUS |
Sec. 404.051. IMPAIRMENT PROHIBITED
Latest version.
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(a) The impairment of the capital stock of a stock insurance company is prohibited.
(b) Impairment of the following surpluses in excess of that provided by Section 404.053 is prohibited:
(1) the surplus of a stock insurance company; or
(2) the minimum required aggregate surplus of a:
(A) mutual company;
(B) Lloyd's plan; or
(C) reciprocal or interinsurance exchange.
Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 1, eff. April 1, 2007.