Tex.
Ins. Code Section 885.202
Admission of Foreign Fraternal Benefit Society
(a)
To engage in business in this state, a foreign fraternal benefit society described by Section 885.201 (Certificate of Authority Required) must:(1)
have the qualifications required of a domestic fraternal benefit society under this chapter; and(2)
have its assets invested as required by the laws of the state, territory, district, province, or country in which the society is organized.(b)
A foreign fraternal benefit society described by Section 885.201 (Certificate of Authority Required) is entitled to a certificate of authority to engage in business in this state on filing with the department:(1)
a certified copy of the society’s charter or articles of association;(2)
a copy of the fraternal benefit society’s laws, certified by its secretary or corresponding officer;(3)
a statement of the society’s business;(4)
a certificate from the proper official in the society’s home state, province, or country showing that the society is legally organized;(5)
a copy of the society’s benefit contract;(6)
information showing that the society’s assets are invested as required by Subsection (a)(2); and(7)
additional information the commissioner considers necessary to demonstrate the society’s business and method of operation.(c)
A statement of business filed by a foreign fraternal benefit society under Subsection (b)(3) must:(1)
be under oath of the society’s president and secretary or corresponding officers;(2)
be in the form required by the commissioner; and(3)
be verified by an examination made by the supervising insurance official of the society’s home state or another state satisfactory to the commissioner.(d)
A benefit contract filed by a foreign fraternal benefit society under Subsection (b)(5) must show that benefits are provided for by premiums paid by persons holding similar contracts.(e)
The commissioner shall issue a certificate of authority to a foreign fraternal benefit society that complies with Subsection (b).
Source:
Section 885.202 — Admission of Foreign Fraternal Benefit Society, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.885.htm#885.202 (accessed May 4, 2024).
