Tex. Ins. Code Section 822.058
Action by Commissioner After Filing of Application for Charter


(a)

Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(2), eff. June 19, 2009.

(b)

After the items required for a charter under Sections 822.057 (Application for Charter)(a)(1) and (2) are filed with the department and the proposed insurance company has complied with all legal requirements, the commissioner shall conduct an examination of the company to determine whether:

(1)

the minimum capital stock and surplus requirements of Section 822.054 (Capital Stock and Surplus Requirements) are satisfied;

(2)

the capital stock and surplus is the bona fide property of the company; and

(3)

the insurance company has fully complied with insurance laws.

(c)

The commissioner may appoint a competent and disinterested person to conduct the examination required by this section. The examiner shall file an affidavit of the examiner’s findings with the commissioner. The commissioner shall record the affidavit.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 5, eff. June 19, 2009.
Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 19(2), eff. June 19, 2009.

Source: Section 822.058 — Action by Commissioner After Filing of Application for Charter, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­822.­htm#822.­058 (accessed Jun. 5, 2024).

822.001
Applicability of Chapter
822.002
Applicability of Law Governing Corporations
822.003
Effect on Transactions Between Insurance Companies and Others
822.051
Formation of Company
822.052
Articles of Incorporation
822.053
Company’s Name
822.054
Capital Stock and Surplus Requirements
822.055
Shares of Stock with Par Value
822.056
Shares of Stock Without Par Value
822.057
Application for Charter
822.058
Action by Commissioner After Filing of Application for Charter
822.060
Action on Application
822.061
Issuance of Charter
822.101
Certificate of Authority
822.151
Conducting Shareholders Meeting
822.152
Board of Directors
822.153
Election of Directors
822.154
Officers
822.155
Application for Amendment of Charter
822.156
Certificate Required for Amendment of Charter to Authorize Shares Without Par Value
822.157
Action by Commissioner After Filing of Application for Charter Amendment
822.158
Determination on Application for Charter Amendment
822.201
Applicability of Capital and Surplus Requirements
822.202
Full Coverage Automobile Insurance
822.203
Capital Required Generally
822.204
Form of Capital and Surplus
822.205
Unencumbered Surplus or Guaranty Fund Requirements for Certain Insurance Companies
822.206
Repurchase of Capital Stock by Tender Offer or Private Transaction
822.207
Repurchase of Capital Stock on Open Market
822.208
Application for Repurchase of Company’s Shares Subject to Other Law
822.209
Reinvestment of Capital Stock
822.210
Commissioner May Require Larger Capital and Surplus Amounts
822.211
Action of Commissioner When Capital or Surplus Requirements Not Satisfied
822.212
Increase of Capital and Surplus

Accessed:
Jun. 5, 2024

§ 822.058’s source at texas​.gov