Tex. Ins. Code Section 822.060
Action on Application

(a)

In considering the application, the commissioner shall determine if:

(1)

the proposed capital structure of the company meets the requirements of this code;

(2)

the proposed officers, directors, attorney in fact, or managing head of the company have sufficient insurance experience, ability, standing, and good record to make success of the proposed company probable; and

(3)

the applicants are acting in good faith.

(b)

If the commissioner determines that the applicant has not met the standards set out by Subsection (a), the commissioner shall deny the application in writing, giving the reason for the denial.

(c)

If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application. On approval of an application, the articles of incorporation of the company shall be filed with the department.

(d)

On the applicant’s request, the commissioner shall hold a hearing on a denial. Not later than the 30th day after the date of the applicant’s request for a hearing, the commissioner shall request a hearing date.
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. 6, eff. June 19, 2009.

Source: Section 822.060 — Action on Application, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­822.­htm#822.­060 (accessed Apr. 29, 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
Green check means up to date. Up to date

Accessed:
Apr. 29, 2024

§ 822.060’s source at texas​.gov