Texas § IN.912.305 - SECURITY DEPOSIT
Full text of Texas The Texas Constitution § IN.912.305 — SECURITY DEPOSIT, with citation guidance and answers to common questions.
§ IN.912.305. SECURITY DEPOSIT
SECURITY DEPOSIT. (a) A county mutual insurance company shall maintain with the comptroller through the department a deposit in cash or, subject to the commissioner's approval, convertible securities. The deposit must be equal to: (1) the largest amount assumed by the company on any one risk; or (2) on a demonstration of reinsurance acceptable to the commissioner, the largest amount retained by the company on any one risk after reinsurance. (b) The deposit is liable for the payment of all judgments against the company and is subject to garnishment after final judgment against the company. The company, on the commissioner's demand, must immediately replenish the deposit when the deposit is impounded or depleted. If the company does not immediately replenish the deposit, the company may be regarded as insolvent. (c) If a county mutual insurance company makes a statement, including a statement contained in an advertisement, letter, or literature, that the company deposited cash or securities as required by this section, the company must also state in full: (1) the purpose, exact amount, and character of the deposit; and (2) the conditions under which the deposit was made. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.912.305
What does The Texas Constitution § IN.912.305 cover?
Section IN.912.305 ("SECURITY DEPOSIT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.912.305?
A common citation format is "The Texas Constitution § IN.912.305" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.912.305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.