Sec. 882.302.  EXEMPTION FOR CERTAIN COMPANIES.  A mutual life insurance company that was authorized and engaged in the business of insurance in this state before May 1, 1955, is not required to increase the amount or convert the class or form of the company's existing unencumbered surplus to comply with Section 882.301 and may not be prohibited from writing new insurance because the company does not maintain an unencumbered surplus as required by that section if the company complies with all other laws.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.