Sec. 882.253.  LOANS TO COMPANY.  (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.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.