Tex. Insurance Code § 862.154
This is the official text of Tex. Insurance Code § 862.154, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 862.154. CREATION AND DISPOSAL OF NEW STOCK.
Official statutory text
(a) A fire, marine, or inland marine insurance company that complies with Sections 822.155, 822.157, and 822.158 may:
(1) create new stock;
(2) dispose of the new stock according to applicable law; and
(3) issue new certificates for the new stock.
(b) The insurance company shall sell any new stock created under Subsection (a) for an amount sufficient to make up any impairment of the company's required minimum capital and to make up the surplus of the company as required by Section 822.054 or 822.210, subject to Subchapter B, Chapter 404, but may not impair the capital of the company.
(1) create new stock;
(2) dispose of the new stock according to applicable law; and
(3) issue new certificates for the new stock.
(b) The insurance company shall sell any new stock created under Subsection (a) for an amount sufficient to make up any impairment of the company's required minimum capital and to make up the surplus of the company as required by Section 822.054 or 822.210, subject to Subchapter B, Chapter 404, but may not impair the capital of the company.
Status: in_force · Read it on the official government site
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