Gavvy: Ins. Code, Sec. 425.221. Authorized Investments for Capital, Surplus, and Contingency Funds: Bonds Or Notes of Educational Or Religious Corporations.

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Sec. 425.221. Authorized Investments for Capital, Surplus, and Contingency Funds: Bonds Or Notes of Educational Or Religious Corporations.

Sec. 425.221. AUTHORIZED INVESTMENTS FOR CAPITAL, SURPLUS, AND CONTINGENCY FUNDS: BONDS OR NOTES OF EDUCATIONAL OR RELIGIOUS CORPORATIONS. Subject to Section 425.226, an insurer may invest the insurer's capital, surplus, and contingency funds in a bond or note of an educational or religious corporation that has provided for the payment of a sufficient amount of the first weekly or monthly revenues of the corporation to an interest and sinking fund account in a bank or trust company as an independent paying agent.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.

Gavvy last updated this database on: Sep 6, 2024