Texas Insurance Code 912.054 – Authority to Borrow Money
Current as of: 2024 | Check for updates
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(a) The board of directors of a county mutual insurance company may borrow money in an amount determined to be necessary to pay the company’s accrued or unaccrued losses.
(b) The board may pledge as security for a loan the assets of the company, including the contingent liability of its policyholders.
Terms Used In Texas Insurance Code 912.054
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.