Tex. Ins. Code Section 2551.056
Regulation of Certain Corporations

(a)

A corporation incorporated under Subdivision 57, Article 1302, Revised Statutes, before February 27, 1929, and engaging in business in this state on February 27, 1929:

(1)

may continue to engage in business;

(2)

is subject to this title; and

(3)

shall comply with the requirements of this title regarding investments and deposits.

(b)

A shareholder in a company acting under this title is not liable in the event of default in the payment of any debt or liability of the company beyond the shareholder’s subscription for stock.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.

Source: Section 2551.056 — Regulation of Certain Corporations, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2551.htm#2551.056 (accessed Apr. 20, 2024).

2551.001
Applicability of Title and Other Law 2551.002
Applicability of Law Governing Corporations 2551.003
Rulemaking 2551.051
Formation 2551.052
Name 2551.053
Stock and Surplus Requirements 2551.054
Purchase of Own Stock 2551.055
Charter of Corporation Engaging in Business of Title Insurance 2551.056
Regulation of Certain Corporations 2551.101
Certificate of Authority Required 2551.102
Issuance of Certificate of Authority 2551.151
Admissible Investments 2551.152
Annual Statement 2551.153
Fees 2551.154
Transfer of Certain Business to State Banks or Trust Companies 2551.201
Deposit Required 2551.202
Exception: Foreign Title Insurance Company 2551.203
Withdrawal and Substitution of Deposit 2551.204
Use of Deposit 2551.251
Statutory Premium Reserve Required 2551.254
Transitional Release 2551.255
Runoff Balance 2551.256
Actuarial Certification 2551.257
Supplemental Reserve 2551.258
Reevaluation of Certain Reserve Requirements 2551.259
Statutory Premium Reserve and Supplemental Reserve Fund 2551.260
Effect of Insolvency or Dissolution 2551.261
Reserve for Unpaid Losses and Loss Expenses 2551.301
Maximum Policy Liability 2551.302
Requirements for Reinsuring Policies 2551.304
Acceptance of Reinsurance 2551.305
Reinsurance from Non-admitted Title Insurer 2551.351
Forfeiture of Right to Engage in Business 2551.352
Revocation of Permit and Forfeiture of Charter 2551.353
Procedure for Revocation of Certificate 2551.354
Appeal of Commissioner Action 2551.3055
Reinsurance from Insurer Other than Title Insurer

Accessed:
Apr. 20, 2024

§ 2551.056’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._ins._code_section_2551.056

Original Source: Section 2551.056 — Regulation of Certain Corporations, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2551.htm#2551.056 (last accessed Apr. 20, 2024).