reglab/housing_qa huggingface dataset:
TX Ins Code § 841.057 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.057. Requirements for Shares of Stock Without Par Value

Sec. 841.057.  REQUIREMENTS FOR SHARES OF STOCK WITHOUT PAR VALUE.  (a)  The shares of stock of an insurance company operating under this chapter that are divided or converted into shares without par value, if any, must be equal in all respects.(b)  An insurance company may issue and dispose of authorized shares without par value for money or for notes, mortgages, and stocks in the form authorized by law for capital stock of insurance companies.  Each share of stock without par value must be fully paid before issuance.  After the company receives payment for a share of stock issued under this section, the share is not subject to additional call or assessment, and the subscriber or holder of the share is not required to make an additional payment with respect to the share.(c)  The shareholders of an insurance company authorizing shares of stock without par value must in good faith subscribe and pay for shares representing at least 50 percent of the authorized shares without par value before the company is granted a charter or has its charter amended to authorize the issuance of shares without par value.  The total amount paid for the shares must be at least $250,000.(d)  When an application for charter or an amendment to the charter authorizing the issuance of shares without par value is filed, the insurance company shall file with the department a statement under oath stating:(1)  the number of shares without par value subscribed;  and(2)  the actual consideration the company received for those shares.(e)  If all of the authorized shares of stock without par value are not subscribed and paid for when the charter is granted or the amendment is filed, respectively, the insurance company shall file with the department a certificate authenticated by a majority of the directors stating the number of shares without par value issued and the consideration received for those shares.(f)  The insurance company shall file the certificate required by Subsection (e) not later than the 90th day after the date of issuance of those remaining shares.  The portion of the consideration received for shares without par value that is designated as capital by the company's directors, or by the company's shareholders if the charter or articles of incorporation reserve the right to make that determination to the shareholders, constitutes capital and the remainder, if any, constitutes surplus.  The company is not required to file an amendment to its charter or take further action to effect the increase in the capital and surplus of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.058 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.058. Application for Charter

Sec. 841.058.  APPLICATION FOR CHARTER.  (a)  To obtain a charter for a domestic insurance company, the incorporators must pay to the department the charter fee in an amount determined under Chapter 202 and file with the department:(1)  an application for charter on the form and containing the information prescribed by the commissioner;(2)  the company's articles of incorporation; and(3)  an affidavit made by two or more of the incorporators that states that:(A)  the minimum capital and surplus requirements of Section 841.054 are satisfied;(B)  the capital and surplus are the bona fide property of the company; and(C)  the information in the articles of incorporation is true and correct.(b)  The commissioner may require that the incorporators provide at their expense additional evidence of a matter required in the affidavit before the commissioner takes further action on the application for charter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.020, eff. April 1, 2009.|
TX Ins Code § 841.059 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.059. Action by Commissioner and Department After Filing

Sec. 841.059.  ACTION BY COMMISSIONER AND DEPARTMENT AFTER FILING.(a)  After the charter fee is paid and all items required for a charter under Section 841.058 are filed with the department,  the department shall make or cause to be made a full and thorough examination of the domestic insurance company.(b)  The domestic insurance company shall pay for the examination under Subsection (a)(2).|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. 8, eff. June 19, 2009.|
TX Ins Code § 841.061 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.061. Action on Application

Sec. 841.061.  ACTION ON APPLICATION.  (a)  In considering the application, the commissioner shall determine if:(1)  the minimum capital and surplus required by Section 841.054 are the bona fide property of the domestic insurance company;(2)  the proposed officers, directors, and managing executive of the company have sufficient insurance experience, ability, and standing 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.  An application may not be granted unless it is adequately supported by competent evidence.(b-1)  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.(b-2)  An interested party may participate fully and in all respects in any proceeding related to the application.  An intervenor has the rights and privileges of a proper or necessary party in a civil suit in the courts of this state, including the right to be represented by counsel.(c)  If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application.  On approval of an application, the department shall record the information required by Section 841.058 in records maintained for that purpose.  On receipt of a fee in the amount determined under Chapter 202, the commissioner shall provide to the incorporators a certified copy of the application, articles of incorporation, and submitted affidavit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.021, eff. April 1, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 9, eff. June 19, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 10, eff. June 19, 2009.|
TX Ins Code § 841.062 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.062. Beginning of Corporate Existence

Sec. 841.062.  BEGINNING OF CORPORATE EXISTENCE.  On receipt of the certified copy of documents under Section 841.061(c), the domestic insurance company becomes a body politic and corporate, and the incorporators may complete organization of the company under Section 841.063.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.063 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter B. Formation and Structure of Domestic Companies|Section 841.063. Organization Meeting

Sec. 841.063.  ORGANIZATION MEETING.  (a)  After receipt of the certified copy of documents under Section 841.061(c), the incorporators shall promptly call a meeting of the domestic insurance company's shareholders.  The shareholders shall:(1)  adopt bylaws to govern the company;  and(2)  elect the company's initial board of directors.(b)  The directors elected under this section serve until directors are first elected under Section 841.153.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter C. Authority to Engage in Business|Section 841.101. Certificate of Authority Required

Sec. 841.101.  CERTIFICATE OF AUTHORITY REQUIRED.  A domestic insurance company may not engage in the business of insurance in this state, except for the lending of money, without first obtaining from the commissioner a certificate of authority that:(1)  shows that the company has fully complied with the laws of this state;  and(2)  authorizes the company to engage in the business of insurance in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.102 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter C. Authority to Engage in Business|Section 841.102. Schedule of Assets

Sec. 841.102.  SCHEDULE OF ASSETS.  Two or more officers of the domestic insurance company shall execute and file with the department:(1)  a sworn schedule of each of the assets of the company exhibited to the department during the examination under Section 841.059 showing the value of the assets;  and(2)  a sworn statement that the assets are the bona fide, unconditional, and unencumbered property of the company and are worth the amount stated in the schedule.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.103 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter C. Authority to Engage in Business|Section 841.103. Issuance of Certificate of Authority

Sec. 841.103.  ISSUANCE OF CERTIFICATE OF AUTHORITY.  (a)  If the commissioner makes a determination favorable to the applicants on all issues under Section 841.061(a), the commissioner, on compliance with the requirements of Section 841.102, shall issue to the domestic insurance company a certificate of authority authorizing the company to engage in the kinds of business authorized by the company's charter.(b)  On written request of a domestic insurance company, the commissioner shall provide a certified copy of the company's certificate of authority to the company for each of the company's agents in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.104 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter C. Authority to Engage in Business|Section 841.104. Tax Payment Required for Issuance of Certain Certificates of Authority

Sec. 841.104.  TAX PAYMENT REQUIRED FOR ISSUANCE OF CERTAIN CERTIFICATES OF AUTHORITY.  (a)  This section applies to a life insurance company that:(1)  has previously held a certificate of authority to engage in the business of life insurance in this state;(2)  ceased to write new business in this state under that certificate of authority;  and(3)  after ceasing to write new business, continued to collect from residents of this state renewal or other premiums on policies written under that certificate of authority.(b)  A life insurance company to which this section applies may not obtain a new certificate of authority to engage in the business of life insurance in this state until the company:(1)  files with the department under oath a report that discloses the gross amount of renewal or other premiums received each calendar year from residents of this state after the period covered by the company's last tax report of gross premium receipts filed under this code;  and(2)  pays to the state occupation taxes on those premiums.(c)  The life insurance company shall pay the occupation tax for each year of nonpayment.  The company shall pay the tax for each year at the same rate for that year as a company engaged in the business of life insurance in this state during that year.(d)  The life insurance company shall remit the penalties for failure to pay the taxes and file required reports when the company pays the taxes and receives a certificate of authority.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 17, eff. April 1, 2005.|
TX Ins Code § 841.151 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 841.151. Conducting Shareholders' Meeting

Sec. 841.151.  CONDUCTING SHAREHOLDERS' MEETING.  (a)  At a meeting of a domestic insurance company's shareholders, each shareholder is entitled to one vote for each fully paid up share of stock appearing in the shareholder's name on the company's books, except to the extent that the articles of incorporation increase, limit, or deny voting rights to the holders of the shares of a class of stock as authorized by the Texas Business Corporation Act.(b)  A shareholder may vote in person or by written proxy.(c)  At a shareholders' meeting, a quorum is any number of shareholders whose cumulative stock ownership in the domestic insurance company represents a majority of the company's paid up capital stock.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|Sec. 841.152.  BOARD OF DIRECTORS.  (a)  Subject to the bylaws of the domestic insurance company, as adopted or amended by the shareholders or directors, the board of directors has full management and control of the company.(b)  The board consists of not fewer than five directors.  A director is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company.(c)  The directors shall keep a full and correct record of the board's transactions.  The shareholders may inspect those records during business hours.(d)  The directors shall fill a vacancy that occurs on the board or in any office of the company.(e)  A majority of the board is a quorum.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.153 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 841.153. Election of Directors

Sec. 841.153.  ELECTION OF DIRECTORS.  (a)  After a domestic insurance company completes the organization of the company under Section 841.063, the company shall hold an annual meeting of the company's shareholders on the fourth Tuesday in April at the home office of the company to elect the company's board of directors.(b)  After the directors are first elected under this section, the annual meeting must be held each year as established by the company's bylaws.  The directors serve one-year terms beginning immediately after the election, except as provided by Section 841.154.(c)  If the shareholders do not elect directors at an annual meeting, the shareholders may elect the directors at a special shareholders' meeting called for that purpose.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 3, eff. September 1, 2021.|
TX Ins Code § 841.154 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 841.154. Staggered Terms for Directors

Sec. 841.154.  STAGGERED TERMS FOR DIRECTORS.  (a)  Repealed by Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.(b)  The bylaws of a domestic insurance company may provide that the company's directors, other than initial directors, may be elected to serve staggered terms as provided by this section.(c)  The company's directors shall be divided into two or three classes, with each class consisting of an equal number of directors to the extent possible.  After the directors are divided into classes:(1)  the terms of the directors in the first class expire on the first annual meeting date after their initial election;(2)  the terms of the directors in the second class expire on the second annual meeting date after their initial election;  and(3)  the terms of the directors in the third class, if any, expire on the third annual meeting date after their initial election.(d)  At each annual meeting after the directors are first elected, the shareholders shall elect the number of directors whose terms expire on that date.  Directors are elected for:(1)  staggered two-year terms, if the board is divided into two classes;  or(2)  staggered three-year terms, if the board is divided into three classes.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 4, eff. September 1, 2021.Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 5, eff. September 1, 2021.|
TX Ins Code § 841.155 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 841.155. Officers

Sec. 841.155.  OFFICERS.  (a)  A domestic insurance company's directors shall choose one of the directors to serve as the company's president.(b)  Other officers of the domestic insurance company shall be chosen in accordance with the company's bylaws.  An officer is not required to be a shareholder unless such a qualification is required by the company's articles of incorporation or bylaws.  An officer other than the president is not required to be a director unless such a qualification is required by the company's bylaws.(c)  The duties and compensation of a domestic insurance company's officers are as stated in the company's bylaws.  If the bylaws do not state the duties or compensation of the officers, the directors shall establish the duties or compensation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.156 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 841.156. Amendment of Charter or Articles

Sec. 841.156.  AMENDMENT OF CHARTER OR ARTICLES.  (a)  The shareholders of a domestic insurance company by resolution may amend the company's charter or articles of incorporation at any shareholders' meeting.(b)  The amendment and a copy of the resolution certified by the president and secretary of the domestic insurance company shall be filed and recorded in the same manner as the charter.(c)  An amendment of the charter or articles takes effect when it is recorded.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.201 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.201. Form of Required Capital and Surplus

Sec. 841.201.  FORM OF REQUIRED CAPITAL AND SURPLUS.  Notwithstanding any other provision of this code, after a charter is granted under this chapter, the domestic insurance company:(1)  shall maintain the company's minimum capital at all times in a form described by Section 841.054(c);  and(2)  may invest the company's surplus as provided by this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.202 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.202. Authorized Shares

Sec. 841.202.  AUTHORIZED SHARES.  (a)  At any shareholders' meeting, shareholders of a domestic insurance company whose cumulative stock ownership represents a majority of the capital stock of the company by resolution may increase or decrease the amount of the company's capital stock, subject to this section.(b)  Capital stock may never be decreased to an amount that is less than the minimum amount of paid-up stock required by Section 841.054.(c)  Two officers of the domestic insurance company must sign and acknowledge a statement of the increase or decrease.  The acknowledged statement and a certified copy of the resolution shall be filed and recorded in the same manner as the charter.(d)  For an increase or decrease of capital stock, the domestic insurance company may require the return of the original certificates evidencing the stock in exchange for new certificates.  An issuance of new certificates that results in a transfer of stock is subject to Section 841.254.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.203 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter E. Capital and Surplus|Section 841.203. Company's Repurchase of Stock

Sec. 841.203.  COMPANY'S REPURCHASE OF STOCK.  (a)  A legal reserve life insurance company may purchase in the name of the company outstanding shares of the company's capital stock as provided by the Texas Business Corporation Act.(b)  A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.(c)  A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:(1)  the name of each shareholder from whom the shares were purchased;  and(2)  the sum of money paid for those shares.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|