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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle D. CASUALTY COMPANIES |
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Chapter 861. GENERAL CASUALTY COMPANIES |
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Subchapter B. FORMATION AND STRUCTURE OF GENERAL CASUALTY COMPANY |
Sec. 861.052. ARTICLES OF INCORPORATION; FILING AND RECORDING REQUIREMENT
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(a) The articles of incorporation for a general casualty company must specify:
(1) the general purpose of the company; and
(2) the proposed duration of the company.
(b) The incorporators shall file with the department:
(1) articles of incorporation for the general casualty company;
(2) a charter fee in the amount determined under Chapter 202; and
(3) an affidavit, made by two or more of the incorporators, that all of the general casualty company's stock is subscribed in good faith and fully paid for.
(c) On receipt of a filing under Subsection (b), the department shall record the articles of incorporation in records maintained for that purpose.
(d) On receipt of a fee in the amount determined under Chapter 202, the department shall provide the incorporators with a certified copy of the articles of incorporation.
(e) On receipt of a certified copy of the articles of incorporation, the general casualty company is a body politic and corporate, and the incorporators may complete organization of the company in accordance with Section 861.055.