{"data":{"id":"us-tx/tex.-insurance-code-887.055","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 887.055","heading":"BOND REQUIREMENTS FOR CERTAIN PERSONS.","body":"(a) In addition to the bond required by Section 887.054 and any other bond required by law, an association shall obtain a separate or blanket surety bond covering each other person who may have access to the association's mortuary funds. The bond must:\n(1) be issued by a surety authorized by the department to engage in business in this state;\n(2) be payable to the department for the use and benefit of the association;\n(3) obligate the principal and surety to pay any monetary loss sustained by the association through an act of fraud, dishonesty, forgery, theft, embezzlement, or wilful misapplication by a covered person, whether acting alone or with other persons; and\n(4) be in an amount determined by the department of at least $1,000 but not more than $5,000.\n(b) Successive recoveries may be made on a bond under this section until the amount of the bond is exhausted.\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 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES","SUBCHAPTER B. GENERAL POWERS AND DUTIES; OFFICERS AND DIRECTORS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.887.htm#887.055","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"35d09321fca8ec6adc4340ba69fef270bf0fa9bf19003b2bf2da4b648c927088","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-887.054","next":"us-tx/tex.-insurance-code-887.056"},"notice":"GroundRules: Original legal text. Not legal advice."}