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 C. BENEFITS PROVIDED BY STATEWIDE MUTUAL ASSESSMENT COMPANIES |
Sec. 881.101. TYPES OF CERTIFICATES OR POLICIES AUTHORIZED
Latest version.
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(a) A statewide mutual assessment company may issue only a certificate or policy that provides for the continuous payment of premiums or assessments during the policyholder's life.
(b) A statewide mutual assessment company may not:
(1) issue a certificate or policy on a limited payment plan; or
(2) promise to pay an endowment or annuity benefit.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.