Texas Insurance Code 884.256 – Annual Statement; Filing Fee
(a) Except as provided by § 884.406, not later than March 31 of each year a stipulated premium company shall:
(1) prepare a statement showing the condition of the company on December 31 of the preceding year; and
(2) deliver the statement to the department accompanied by a filing fee in the amount determined under Chapter 202.
(b) The statement must be under the oath of two of the stipulated premium company’s officers and must show in detail:
(1) the character of the company’s assets and liabilities on December 31 of the preceding year;
(2) the amount and character of business transacted and money received during the year and how money was spent during the year;
(3) the number and amount of the company’s policies in force on that date; and
(4) the total amount of the company’s policies in force on that date.
Terms Used In Texas Insurance Code 884.256
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) For purposes of Subsection (b), an insured under a family group policy to which § 884.451(b) applies is accounted for only if a reserve is required for that insured under that section.
(d) The department shall prescribe the form of the statement.
(e) Fees collected under this section shall be deposited to the credit of the Texas Department of Insurance operating account. Sections 201.001 and 201.002 apply to fees collected under this section.