Excess Contingency Reserve

Sec. 882.402. EXCESS CONTINGENCY RESERVE. (a) The commissioner, for good cause shown, may issue an order authorizing a mutual life insurance company to maintain a contingency reserve that exceeds the amount of the reserve authorized by Section 882.401. (b) The order must state: (1) a period not exceeding one year during which the company may maintain the excess contingency reserve; and (2) each reason for authorizing the excess contingency reserve. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.