Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
Subtitle E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES |
Chapter 881. STATEWIDE MUTUAL ASSESSMENT COMPANIES |
Subchapter B. STRUCTURE AND OPERATION OF STATEWIDE MUTUAL ASSESSMENT COMPANIES |
Sec. 881.056. ISSUANCE OF CERTIFICATE OR POLICY TO SEPARATE GROUPS, CLUBS, OR CLASSES
Latest version.
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(a) A certificate or policy issued by the company to members of a group, club, or class may limit benefits under the certificate or policy to the assessments made, levied, and collected from the group, club, or class.
(b) The assets or benefits of a group, club, or class may not be pledged or transferred without the consent of at least three-fourths of the members of the group, club, or class.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.