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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 E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES |
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Chapter 883. MUTUAL INSURANCE COMPANIES OTHER THAN MUTUAL LIFE INSURANCE COMPANIES |
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Subchapter C. AUTHORITY TO ENGAGE IN BUSINESS IN THIS STATE |
Sec. 883.103. AUTHORIZATION OF FOREIGN MUTUAL INSURANCE COMPANY TO ENGAGE IN BUSINESS
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(a) The department shall authorize a foreign mutual insurance company to write the kinds of insurance authorized by the company's charter or articles of incorporation in this state if the company:
(1) is solvent as determined under this chapter;
(2) files with the department:
(A) a copy of the company's bylaws certified by the company's secretary; and
(B) a certified copy of the company's charter or articles of incorporation;
(3) appoints the commissioner as the company's agent for service of process as provided by Chapter 804;
(4) files a financial statement under oath in a form as required by the department; and
(5) complies with legal requirements applicable to the filing of documents and the furnishing of information by a stock insurance company that files an application with the department for authority to transact the same kind of insurance as the company.
(b) A foreign mutual insurance company's name may not be so similar to a name of a mutual insurance company or foreign mutual insurance company organized or authorized to engage in business in this state that it is confusing or misleading.
(c) A foreign mutual insurance company authorized to engage in the business of insurance under this section has, to the same extent, all of the powers granted to and privileges of a mutual insurance company organized and operating under this chapter.