Tex. Insurance Code § 882.253
LOANS TO COMPANY
Texas · Texas Insurance Code · Status: effective
Cite this
- Citation
- Tex. Insurance Code § 882.253, LOANS TO COMPANY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/679846
- Permanent ID
ys:prov:679846@1- SHA-256
7de6d10f2cff650f5cf3a9a3dc36603364b294bfec96a49ce52629648531846d
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) An officer or director of a mutual life insurance company, or a person authorized under Chapter 825, may loan to the company money to:
(1) promote or conserve the company's business; or
(2) enable the company to comply with a legal requirement.
(b) The company may repay a loan and agreed interest, at an annual rate not to exceed 10 percent, from the surplus remaining after the company provides for the company's reserves and other liabilities.
(c) A loan under this section or interest on a loan is not otherwise a liability or claim against the company or any of its assets.
(d) A mutual life insurance company may not pay a commission or promotion expense in connection with a loan made to the company.
(e) A mutual life insurance company shall report in its annual statement the amount of each loan.