{"data":{"id":"us-tx/tex.-insurance-code-882.253","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 882.253","heading":"LOANS TO COMPANY.","body":"(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:\n(1) promote or conserve the company's business; or\n(2) enable the company to comply with a legal requirement.\n(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.\n(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.\n(d) A mutual life insurance company may not pay a commission or promotion expense in connection with a loan made to the company.\n(e) A mutual life insurance company shall report in its annual statement the amount of each loan.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES","CHAPTER 882. MUTUAL LIFE INSURANCE COMPANIES","SUBCHAPTER F. GENERAL FINANCIAL REQUIREMENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.882.htm#882.253","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"c6148f7d8376b5193f93a12380f6c64b8d0beffd0f53c99eaa6ef898874d9f54","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-882.252","next":"us-tx/tex.-insurance-code-882.301"},"notice":"GroundRules: Original legal text. Not legal advice."}