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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 I. COMPANIES THAT ARE NOT ORGANIZED IN TEXAS |
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Chapter 982. FOREIGN AND ALIEN INSURANCE COMPANIES |
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Subchapter C. REQUIREMENTS FOR CERTIFICATE OF AUTHORITY |
Sec. 982.106. CAPITAL STOCK AND SURPLUS REQUIREMENTS FOR OTHER INSURANCE COMPANIES
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(a) This section applies only to a foreign or alien insurance company other than a life insurance company, accident insurance company, life and accident insurance company, health and accident insurance company, or life, health, and accident insurance company.
(b) A foreign or alien insurance company is subject to Sections 822.203, 822.205, 822.210, and 822.212. The department may not authorize a foreign or alien insurance company to engage in the business of insurance in this state unless the company has and maintains the minimum capital and surplus amounts as required by this code for companies organized under this code and engaging in the same kinds of business.
(c) The department may not deny authorization for a foreign or alien insurance company to engage in the business of insurance in this state because all of the company's capital stock has not been fully subscribed and paid for, if:
(1) at least the minimum dollar amount of capital stock of the company required by the laws of this state, which may be less than all of the company's authorized capital stock, has been subscribed and paid for; and
(2) the company:
(A) has at least the minimum dollar amount of surplus required by the laws of this state for the kinds of business the company seeks to write; and
(B) has fully complied with the laws of the company's domiciliary state or country relating to authorization and issuance of capital stock.