Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
Subtitle F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES |
Chapter 911. FARM MUTUAL INSURANCE COMPANIES |
Subchapter B. ORGANIZATION OF FARM MUTUAL INSURANCE COMPANY; DIRECTORS |
Sec. 911.055. APPLICATION FOR PERMIT TO SOLICIT INSURANCE
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(a) At least 10 residents described by Section 911.054(a) that want to form a farm mutual insurance company may apply to the department for a permit to solicit insurance on the mutual or cooperative plan.
(b) The application for a permit to solicit insurance must:
(1) state:
(A) that at least 100 individuals are members of an association described by Section 911.053(b)(1);
(B) that the association has indicated, by majority vote, that the association wants to:
(i) insure property of the association's members under this chapter; and
(ii) be chartered as a farm mutual insurance company;
(C) the name of the company, which must include the words "Farm Mutual" or "Farmers Mutual";
(D) the location of the company's principal office;
(E) the risks the company proposes to insure; and
(F) the names and places of residence of at least 10 of the applicants; and
(2) be accompanied by:
(A) affidavits of at least two of the applicants, each of whom must:
(i) state the applicant's name and residence; and
(ii) verify the facts stated in the application; and
(B) a filing fee in the amount of $25.