Texas § IN.883.162 - LOANS TO COMPANY
Full text of Texas The Texas Constitution § IN.883.162 — LOANS TO COMPANY, with citation guidance and answers to common questions.
§ IN.883.162. LOANS TO COMPANY
LOANS TO COMPANY. (a) A person, including a director, officer, or member of a mutual insurance company, may loan to the company money necessary: (1) for the company to engage in the company's business; or (2) to enable the company to comply with a legal requirement. (b) The mutual insurance company may repay a loan and agreed interest, at an annual rate not to exceed 20 percent, only from the surplus remaining after the company provides for the company's reserves, other liabilities, and required surplus. (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 insurance company may not pay a commission or promotion expense in connection with a loan made to the company. (e) A mutual insurance company shall report in its annual statement the amount of each loan made to the company. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.883.162
What does The Texas Constitution § IN.883.162 cover?
Section IN.883.162 ("LOANS TO COMPANY") 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.883.162?
A common citation format is "The Texas Constitution § IN.883.162" (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.883.162 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.