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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle D. CASUALTY COMPANIES |
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Chapter 861. GENERAL CASUALTY COMPANIES |
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Subchapter F. REGULATION OF GENERAL CASUALTY COMPANY |
Sec. 861.251. MINIMUM CAPITAL AND SURPLUS
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(a) A general casualty company must have at least the minimum capital and surplus applicable to casualty, fidelity, guaranty, surety, and trust companies under Sections 822. 054, 822.210, and 822.211. At the time of incorporation, the required capital and surplus must be in cash.
(b) After incorporation and issuance of a certificate of authority, a general casualty company shall invest the minimum capital and surplus as provided by Section 822.204. The company shall invest all other funds of the company in excess of the minimum capital and surplus as provided by:
(1) a provision of Subchapter B, Chapter 424, other than Section 424.052, 424.072, or 424.073; and
(2) Section 862.002.
(c) A general casualty company may not loan any part of the company's capital or paid in surplus to an officer of the company.