Texas § IN.1806.055 - PROFIT SHARING AUTHORIZED
Full text of Texas The Texas Constitution § IN.1806.055 — PROFIT SHARING AUTHORIZED, with citation guidance and answers to common questions.
§ IN.1806.055. PROFIT SHARING AUTHORIZED
PROFIT SHARING AUTHORIZED; CERTAIN PROHIBITIONS. (a) Section 1806.054 does not prohibit an insurer from sharing earned profits with the insurer's policyholders under a profit sharing agreement contained in the policy if: (1) the insurer shares profits uniformly among those insured under the policy; and (2) the insurer distributes earnings equitably among those insureds under the terms of the policy. (b) An insurer may not: (1) discriminate in the distribution of profits among insureds of the same class; (2) distribute the profit to an insured before the expiration of the policy; or (3) establish a class of insureds for the distribution of profits, except on the commissioner's approval. (c) A violation of this section is unjust discrimination and rebating. (d) The commissioner may revoke the certificate of authority of an insurer that violates this section or the license of an agent who violates this section. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 2, eff. April 1, 2007.
Frequently Asked Questions About Texas § IN.1806.055
What does The Texas Constitution § IN.1806.055 cover?
Section IN.1806.055 ("PROFIT SHARING AUTHORIZED") 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.1806.055?
A common citation format is "The Texas Constitution § IN.1806.055" (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.1806.055 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.