Sec. 882.354.  DIVIDEND PAYMENT METHOD.  (a)  A dividend declared by a mutual life insurance company under this subchapter shall be paid in:
(1)  cash;  or
(2)  the equivalent of the dividend's cash value as provided by an option stated in the policy and selected by the policyholder.
(b)  A policyholder shall notify the company in writing of an option selected by the policyholder under Subsection (a)(2).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.