reglab/housing_qa huggingface dataset:
TX Ins Code § 881.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.052. Applicability of Texas Non-Profit Corporation Act

Sec. 881.052.  APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT.  (a)  Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a statewide mutual assessment company.  The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to statewide mutual assessment companies.(b)  On advance approval of the commissioner, a statewide mutual assessment company may pay dividends to its members.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.053. Separate Groups, Clubs, or Classes

Sec. 881.053.  SEPARATE GROUPS, CLUBS, OR CLASSES.  A statewide mutual assessment company may provide in its by-laws for the creation of separate groups, clubs, or classes based on reasonable classifications specified in the by-laws.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.054. Minimum Membership Required

Sec. 881.054.  MINIMUM MEMBERSHIP REQUIRED.  A statewide mutual assessment company may not issue a certificate or policy unless the membership of the company or the group, class, or club of the company that is liable for assessments on the certificate or policy is sufficient in number at the assessment rate charged the company, group, class, or club to pay 50 percent of the maximum benefit in the certificate or policy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.055. Use of Company Name

Sec. 881.055.  USE OF COMPANY NAME.  A statewide mutual assessment company may not operate an independent branch office or a separate group, club, or class under a name different from the name of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.056 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.056. Issuance of Certificate or Policy to Separate Groups, Clubs, or Classes

Sec. 881.056.  ISSUANCE OF CERTIFICATE OR POLICY TO SEPARATE GROUPS, CLUBS, OR CLASSES.  (a)  A certificate or policy issued by the company to members of a group, club, or class may limit benefits under the certificate or policy to the assessments made, levied, and collected from the group, club, or class.(b)  The assets or benefits of a group, club, or class may not be pledged or transferred without the consent of at least three-fourths of the members of the group, club, or class.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.057 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.057. Insufficient Membership: Consolidation or Discontinuation of Group, Club, or Class or Liquidation of Company

Sec. 881.057.  INSUFFICIENT MEMBERSHIP:  CONSOLIDATION OR DISCONTINUATION OF GROUP, CLUB, OR CLASS OR LIQUIDATION OF COMPANY.  (a)  If membership of a group, club, or class of a statewide mutual assessment company is less than the number required by Section 881.054, the company shall immediately notify:(1)  the members of the group, club, or class;  or(2)  if the company has only one group, club, or class, the members of the company.(b)  Not later than six months after a statewide mutual assessment company notifies the members of a group, club, or class under Subsection (a)(1), the company shall:(1)  increase the membership of the group, club, or class to at least the number required by Section 881.054;(2)  consolidate the group, club, or class with another group, club, or class;  or(3)  discontinue the group, club, or class.(c)  Not later than six months after a statewide mutual assessment company notifies the members of the company under Subsection (a)(2), the company shall increase the membership to at least the number required by Section 881.054.  If the membership is not increased to at least that number, the commissioner shall take steps to liquidate the company under Subchapter L, Chapter 887.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.058 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.058. Agent

Sec. 881.058.  AGENT.  (a)  A person who solicits an application for a certificate or policy providing insurance on the life of another is considered to be an agent of the statewide mutual assessment company that issues the certificate or policy in a controversy between the company and the insured or the insured's beneficiary.(b)  An agent described by Subsection (a) may not waive or alter the terms of an application, certificate, or policy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter C. Benefits Provided by Statewide Mutual Assessment Companies|Section 881.101. Types of Certificates or Policies Authorized

Sec. 881.101.  TYPES OF CERTIFICATES OR POLICIES AUTHORIZED.  (a)  A statewide mutual assessment company may issue only a certificate or policy that provides for the continuous payment of premiums or assessments during the policyholder's life.(b)  A statewide mutual assessment company may not:(1)  issue a certificate or policy on a limited payment plan;  or(2)  promise to pay an endowment or annuity benefit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.102 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter C. Benefits Provided by Statewide Mutual Assessment Companies|Section 881.102. Maximum Benefit Under Certificate or Policy

Sec. 881.102.  MAXIMUM BENEFIT UNDER CERTIFICATE OR POLICY.  A statewide mutual assessment company may not issue a certificate or policy that provides a benefit that exceeds $5,000.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.103 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter C. Benefits Provided by Statewide Mutual Assessment Companies|Section 881.103. Location of Issuance of Certificates or Policies

Sec. 881.103.  LOCATION OF ISSUANCE OF CERTIFICATES OR POLICIES.  A statewide mutual assessment company may issue certificates or policies only in the home office of the company.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.104 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter C. Benefits Provided by Statewide Mutual Assessment Companies|Section 881.104. Certificate or Policy and Application; Representations in Application

Sec. 881.104.  CERTIFICATE OR POLICY AND APPLICATION;  REPRESENTATIONS IN APPLICATION.  (a)  An application for a certificate or policy may not be used as a defense against a claim or loss under the certificate or policy unless a copy of the application is attached to the certificate or policy.(b)  A misrepresentation in an application for a certificate or policy may not be used as a defense against a claim or loss under the certificate or policy unless it is shown that the misrepresentation is material to the risk assumed.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.701 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter O. Enforcement; Criminal Penalty|Section 881.701. General Criminal Penalty

Sec. 881.701.  GENERAL CRIMINAL PENALTY.  (a)  A person commits an offense if:(1)  the person violates this chapter;  or(2)  the person:(A)  is a corporation or a responsible officer of a corporation;  and(B)  permits or participates in a violation of this chapter by a corporation.(b)  An offense under this section is a misdemeanor punishable by a fine not to exceed $500.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.702 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter O. Enforcement; Criminal Penalty|Section 881.702. Enforcement by Attorney General

Sec. 881.702.  ENFORCEMENT BY ATTORNEY GENERAL.  (a)  The attorney general may enforce the penalty provided under Section 881.701 and Section 887.705 against a corporation or unincorporated association.(b)  Notwithstanding Section 887.209, venue of a prosecution under this section may be in Travis County.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 882.001. Applicability of This Chapter and Other Law

Sec. 882.001.  APPLICABILITY OF THIS CHAPTER AND OTHER LAW.  Except to the extent of any conflict with this chapter, a law governing a company organized under Chapter 841 applies to a mutual life insurance company organized under this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 882.002. Examination of Company

Sec. 882.002.  EXAMINATION OF COMPANY.  The following provisions apply to a mutual life insurance company organized under this chapter:(1)  Subchapter A, Chapter 86; and(2)  Sections 401.051, 401.052, 401.054-401.062, 401.151, 401.152, 401.155, and 401.156.|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.073, eff. April 1, 2009.|
TX Ins Code § 882.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter A. General Provisions|Section 882.003. Annual Statement

Sec. 882.003.  ANNUAL STATEMENT.  A mutual life insurance company shall file an annual statement with the department.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.051. Authority to Form Company; Purpose

Sec. 882.051.  AUTHORITY TO FORM COMPANY;  PURPOSE.  A mutual life insurance company may be formed under this chapter to insure the lives of individuals on the mutual level premium and legal reserve plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.052. Formation of Company; Articles of Incorporation

Sec. 882.052.  FORMATION OF COMPANY;  ARTICLES OF INCORPORATION.  (a)  Nine or more persons who are residents of this state may form a mutual life insurance company by executing and acknowledging articles of incorporation for that purpose.(b)  The articles of incorporation of the proposed company must state:(1)  the name and residence of each incorporator;(2)  the name of the company;(3)  the location of the company's principal office at which company business is to be transacted;(4)  the number of directors;(5)  the name and residence of each initial director;  and(6)  the amount of the company's unencumbered surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.053. Company's Name

Sec. 882.053.  COMPANY'S NAME.  (a)  The name of a mutual life insurance company must contain the words "Mutual Life Insurance Company."(b)  A mutual life insurance company's name may not be so similar to the name of another insurance company as to likely mislead the public.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.054. Initial Board of Directors; Term

Sec. 882.054.  INITIAL BOARD OF DIRECTORS;  TERM.  An initial director named as provided in Section 882.052 serves until:(1)  the first annual election of directors;(2)  the initial director's successor qualifies for office;  or(3)  the initial director is removed from the board for improper practices.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.055. Unencumbered Surplus Requirements

Sec. 882.055.  UNENCUMBERED SURPLUS REQUIREMENTS.  A mutual life insurance company must possess at the time of incorporation unencumbered surplus in an amount of at least $200,000.  The unencumbered surplus may consist only of:(1)  United States currency;(2)  bonds of the United States, this state, or a county or municipality of this state;  or(3)  government insured mortgage loans that are authorized by this chapter, with not more than 25 percent of the unencumbered surplus invested in first mortgage real estate loans.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.056 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.056. Application for Charter

Sec. 882.056.  APPLICATION FOR CHARTER.  (a)  To obtain a charter for a mutual life insurance company under this chapter, the incorporators must pay the charter fee in the amount determined under Chapter 202 and file with the department:(1)  an application for charter on the form and including 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 unencumbered surplus requirements of Section 882.055 are satisfied;(B)  the unencumbered surplus is the bona fide property of the company; and(C)  the information in the application and 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 the charter.(c)  The charter must state the name of each director who is to serve until the first annual election.|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.074, eff. April 1, 2009.|
TX Ins Code § 882.057 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.057. Application Process

Sec. 882.057.  APPLICATION PROCESS.  (a)  After the charter fee is paid and all items required for a charter under Section 882.056 are filed with the department, the commissioner shall approve, deny, or disapprove the application.(b)  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.(c)   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.|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. 12, eff. June 19, 2009.|
TX Ins Code § 882.058 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.058. Action on Application

Sec. 882.058.  ACTION ON APPLICATION.  (a)  In considering the application, the commissioner shall determine if:(1)  the minimum unencumbered surplus required by Section 882.055 is the bona fide property of the mutual life insurance company;(2)  the proposed officers, directors, and managing executives 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.(c)  Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(6), eff. June 19, 2009.|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. 13, eff. June 19, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 19(6), eff. June 19, 2009.|
TX Ins Code § 882.059 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter B. Formation and Structure of Mutual Life Insurance Company|Section 882.059. Examination After Determination

Sec. 882.059.  EXAMINATION AFTER DETERMINATION.  After making a determination on an application under Section 882.058, the commissioner shall immediately make or cause to be made a full and thorough examination of the mutual life insurance company.  The company shall pay for the examination.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter C. Authority to Engage in Business|Section 882.101. Issuance of Certificate of Authority

Sec. 882.101.  ISSUANCE OF CERTIFICATE OF AUTHORITY.  (a)  After the examination of a mutual life insurance company under Section 882.059, the commissioner shall issue a certificate of authority to the company if the commissioner finds that:(1)  the company has complied with all applicable laws;(2)  the company satisfies the unencumbered surplus requirements of Section 882.055;  and(3)  the company's unencumbered surplus is in the custody of the company's officers.(b)  A certificate of authority issued under this section authorizes the company to engage in the business of life, health, or accident insurance in this state as may be specified in the company's charter or charter application.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 882.151 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 882 - Mutual Life Insurance Companies|Subchapter D. Management of Mutual Life Insurance Company|Section 882.151. Board of Directors

Sec. 882.151.  BOARD OF DIRECTORS.  (a)  The board of directors of a mutual life insurance company controls the business of the company.(b)  The board of directors consists of at least five directors as stated in the company's articles of incorporation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|