Tex. Ins. Code Section 883.103
Authorization of Foreign Mutual Insurance Company to Engage in Business

(a)

The department shall authorize a foreign mutual insurance company to write the kinds of insurance authorized by the company’s charter or articles of incorporation in this state if the company:

(1)

is solvent as determined under this chapter;

(2)

files with the department:

(A)

a copy of the company’s bylaws certified by the company’s secretary; and

(B)

a certified copy of the company’s charter or articles of incorporation;

(3)

appoints the commissioner as the company’s agent for service of process as provided by Chapter 804 (Service of Process);

(4)

files a financial statement under oath in a form as required by the department; and

(5)

complies with legal requirements applicable to the filing of documents and the furnishing of information by a stock insurance company that files an application with the department for authority to transact the same kind of insurance as the company.

(b)

A foreign mutual insurance company’s name may not be so similar to a name of a mutual insurance company or foreign mutual insurance company organized or authorized to engage in business in this state that it is confusing or misleading.

(c)

A foreign mutual insurance company authorized to engage in the business of insurance under this section has, to the same extent, all of the powers granted to and privileges of a mutual insurance company organized and operating under this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 883.103 — Authorization of Foreign Mutual Insurance Company to Engage in Business, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­883.­htm#883.­103 (accessed Apr. 29, 2024).

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Accessed:
Apr. 29, 2024

§ 883.103’s source at texas​.gov