Texas Insurance Code 425.221 – Authorized Investments for Capital, Surplus, and Contingency Funds: Bonds or Notes of Educational or Religious Corporations
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Terms Used In Texas Insurance Code 425.221
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Subject to § 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.