Texas Insurance Code 882.305 – Impairment of Unencumbered Surplus
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(a) If one-third or more of a mutual life insurance company’s unencumbered surplus as required by § 882.301 is impaired, the company shall correct the impairment not later than the 60th day after the date the surplus is impaired.
(b) A company that does not correct an impairment of surplus as required by Subsection (a) may not write insurance in this state until the company corrects the impairment.
Terms Used In Texas Insurance Code 882.305
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) In determining whether a company’s surplus is impaired, the company shall compute its liabilities in the manner provided by state law.