INVESTMENT OF MONEY.
Tex. INS Code § 882.252.
in effect(a) A mutual life insurance company shall invest the company's money in accordance with the law governing investments of life, health, and accident insurance companies organized under Chapter 841 .
(b) An officer of a mutual life insurance company who does not invest the money of the company as required by Subsection (a) shall deposit the money in the name of the company in a bank that:
(1) is subject to state or federal regulation; and
(2) has been approved by the commissioner as a depository for that purpose.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.