reglab/housing_qa huggingface dataset:
TX Ins Code § 822.157 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 822.157. Action by Commissioner After Filing of Application for Charter Amendment

Sec. 822.157.  ACTION BY COMMISSIONER AFTER FILING OF APPLICATION FOR CHARTER AMENDMENT.  (a)  The commissioner may hold a hearing on an application for a charter amendment.  If the commissioner determines to hold a hearing on the application, the commissioner, after the items required for the charter amendment are filed with the commissioner, shall set a date for the hearing and publish notice of the hearing in one or more daily newspapers of this state.(b)  The commissioner may not require a hearing for an amendment relating to one or more of the following issues:(1)  a stock dividend resulting from a legal transfer of surplus to capital;(2)  a change in the name of the insurance company;  or(3)  a change in the location of the insurance company's principal business office.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.158 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter D. Management of Company|Section 822.158. Determination on Application for Charter Amendment

Sec. 822.158.  DETERMINATION ON APPLICATION FOR CHARTER AMENDMENT.  (a)  Not later than the 60th day after the date the application under Section 822.155 is filed, the commissioner shall determine whether:(1)  the proposed capital structure of the insurance company meets the requirements of this code;(2)  the officers, directors, and managing head of the insurance company have sufficient insurance experience, ability, standing, and good record to make success of the company probable;(3)  the applicants are acting in good faith;(4)  if the proposed amendment relates to a diminution of the insurance company's charter powers with respect to the kinds of insurance business in which the company may be engaged, all liabilities incidental to the exercise of the powers to be eliminated have been terminated or wholly reinsured; and(5)  the property involved in an increase of capital or surplus, or both, is:(A)  properly valued; and(B)  in the form authorized by the following provisions, to the extent those provisions apply:(i)  Subchapter B, Chapter 424, other than Sections 424.052, 424.072, and 424.073; and(ii)  Section 822.204.(b)  If the commissioner determines that the applicant has not met the requirements set out by Subsection (a), the commissioner shall deny the application.  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)  If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application and the amendment shall be filed with the department.(d)  Except as provided by Subsection (e), when an amendment to an insurance company's charter is filed with the department, the amendment is effective.(e)  On approval of a certificate required under Section 822.156 and receipt of a fee in the amount determined under Chapter 202, the commissioner shall issue to the directors a certified copy of an amendment authorizing the issuance of shares of stock without par value that is filed under this section.  The amendment is effective on issuance of the certified copy of the amendment.|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.008, eff. April 1, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 7, eff. June 19, 2009.|
TX Ins Code § 822.201 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.201. Applicability of Capital and Surplus Requirements

Sec. 822.201.  APPLICABILITY OF CAPITAL AND SURPLUS REQUIREMENTS.  The capital and surplus requirements of this chapter apply to each insurance company or other entity, other than a farm mutual insurance company, authorized to write property and casualty insurance in this state including:(1)  a county mutual insurance company;(2)  a mutual insurance company, other than a mutual life insurance company;(3)  a Lloyd's plan;  and(4)  a reciprocal or interinsurance exchange.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.202 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.202. Full Coverage Automobile Insurance; Determination of Amounts

Sec. 822.202.  FULL COVERAGE AUTOMOBILE INSURANCE;  DETERMINATION OF AMOUNTS.  Full coverage automobile insurance is one line of casualty insurance for purposes of determining:(1)  the amount of capital and surplus of a capital stock company under this code;(2)  the amount of surplus of a mutual insurance company or reciprocal exchange under this code;  or(3)  the amount of the guaranty fund and surplus of a Lloyd's plan under this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.203 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.203. Capital Required Generally

Sec. 822.203.  CAPITAL REQUIRED GENERALLY.  To engage in the kinds of insurance business for which an insurance company organized under this chapter holds a certificate of authority, the company must have at least the minimum amount of capital required for a newly incorporated company under Section 822.054.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.204 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.204. Form of Capital and Surplus

Sec. 822.204.  FORM OF CAPITAL AND SURPLUS.  (a)  After incorporation and the issuance of a certificate of authority to an insurance company, the minimum capital stock and surplus of the company may consist only of:(1)  United States currency;(2)  bonds of this state;(3)  bonds or other evidences of indebtedness of the United States the principal and interest of which are guaranteed by the United States;(4)  bonds or other interest-bearing evidences of indebtedness of a county or municipality of this state;  and(5)  notes secured by first mortgages:(A)  on otherwise unencumbered real property in this state the title to which is valid;  and(B)  the payment of which is insured wholly or partly by the United States.(b)  Not more than 50 percent of the minimum capital stock and minimum surplus of an insurance company may be invested in an investment described by Subsection (a)(5).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.205 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.205. Unencumbered Surplus or Guaranty Fund Requirements for Certain Insurance Companies

Sec. 822.205.  UNENCUMBERED SURPLUS OR GUARANTY FUND REQUIREMENTS FOR CERTAIN INSURANCE COMPANIES.  (a)  Except as provided by Section 912.308, this section applies only to an insurance company that:(1)  writes insurance only in this state; and(2)  is not required by law to have capital stock.(b)  Notwithstanding any other provision of this subchapter other than Sections 822.212(b) and (c), an insurance company must have a minimum amount of unencumbered surplus or a minimum amount of guaranty fund and unencumbered surplus equal to the greater of:(1)  the amount of unencumbered surplus or the amount of guaranty fund and surplus, as appropriate, the company was required to have on August 31, 1991;  or(2)  one-third of the company's net written premium for the preceding 12 months after deducting:(A)  lawfully ceded reinsurance;  and(B)  any policy fees not ceded to reinsurers.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 677 (H.B. 2449), Sec. 1, eff. September 1, 2009.|
TX Ins Code § 822.206 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.206. Repurchase of Capital Stock by Tender Offer or Private Transaction

Sec. 822.206.  REPURCHASE OF CAPITAL STOCK BY TENDER OFFER OR PRIVATE TRANSACTION.  (a)  An insurance company may, on prior approval of the department, purchase outstanding shares of the company's capital stock in accordance with the Texas Business Corporation Act either by making a tender offer or by entering into a negotiated private transaction.(b)  The application for approval under Subsection (a) must:(1)  state the number of shares offered;(2)  describe the shares;(3)  contain any pertinent information regarding the value of the shares, including:(A)  the price offered by the company for the shares;(B)  the book value of the shares;  and(C)  the market value of the shares if a market exists for those shares;  and(4)  demonstrate that the shares will be purchased using uncommitted earned surplus.(c)  Before filing the application the insurance company must present a copy of the application to the seller of the shares.(d)  The commissioner shall approve the application promptly if:(1)  the price offered by the insurance company for the shares appears to be a reasonably fair price;  and(2)  the application complies with the requirements of this section and the Texas Business Corporation Act.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.207 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.207. Repurchase of Capital Stock on Open Market

Sec. 822.207.  REPURCHASE OF CAPITAL STOCK ON OPEN MARKET.  (a)  On prior approval of the commissioner, an insurance company, the capital stock of which is listed on a national securities exchange, may purchase from time to time outstanding shares of the company's capital stock on the open market.  The shares must be purchased:(1)  in the name of the company for its own account;  and(2)  in accordance with the Texas Business Corporation Act.(b)  The application for approval under Subsection (a) must:(1)  state the maximum number of shares to be purchased;(2)  state the maximum period, not to exceed 180 days, during which the purchase will be made;(3)  describe the shares;(4)  contain a commitment that the company will not pay a price for the shares to be purchased that is greater than an amount equal to the average of the bid price and the asked price at the time of the purchase plus a standard broker's commission;(5)  contain any pertinent information relating to the value of the shares, including the book value of the shares;  and(6)  demonstrate that the shares will be purchased using uncommitted earned surplus.(c)  The commissioner shall approve the application promptly if the application complies with the requirements of this section and the Texas Business Corporation Act.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.208 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.208. Application for Repurchase of Company's Shares Subject to Other Law

Sec. 822.208.  APPLICATION FOR REPURCHASE OF COMPANY'S SHARES SUBJECT TO OTHER LAW.  An application filed by an insurance company under Section 822.206 or 822.207 is subject to the substantive requirements for the approval of payment of an extraordinary dividend under Chapter 823.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.209 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.209. Reinvestment of Capital Stock

Sec. 822.209.  REINVESTMENT OF CAPITAL STOCK.  An insurance company may, as circumstances require, exchange and reinvest its capital stock in like securities.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.210 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.210. Commissioner May Require Larger Capital and Surplus Amounts

Sec. 822.210.  COMMISSIONER MAY REQUIRE LARGER CAPITAL AND SURPLUS AMOUNTS.  (a)  The commissioner by rule or guideline may require an insurance company organized under this chapter to maintain capital and surplus in amounts that exceed the minimum amounts required by this chapter because of:(1)  the nature and kind of risks the company underwrites or reinsures;(2)  the premium volume of risks the company underwrites or reinsures;(3)  the composition, quality, duration, or liquidity of the company's investments;(4)  fluctuations in the market value of securities the company holds;  or(5)  the adequacy of the company's reserves.(b)  A rule adopted under Subsection (a) must be designed to ensure the financial solvency of an insurance company for the protection of policyholders.(c)  An insurance company that, after notifying the commissioner, ceases to write or assume business continues to be subject to this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.211 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 822 - General Incorporation and Regulatory Requirements for Insurance Companies Other Than Life, Health, or Accident Insurance Companies|Subchapter E. Capital, Surplus, and Guaranty Fund Requirements|Section 822.211. Action of Commissioner When Capital or Surplus Requirements Not Satisfied

Sec. 822.211.  ACTION OF COMMISSIONER WHEN CAPITAL OR SURPLUS REQUIREMENTS NOT SATISFIED.  If an insurance company does not comply with the capital and surplus requirements of this chapter, the commissioner may enter an order prohibiting the company from writing new business and may:(1)  place the company under state supervision or conservatorship;(2)  declare the company to be in a hazardous condition as provided by Subchapter A, Chapter 404;(3)  declare the company to be impaired as provided by Subchapter B, Chapter 404; or(4)  apply to the company any other applicable sanction provided by this code.|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.009, eff. April 1, 2009.|
TX Ins Code § 823.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter A. General Provisions|Section 823.001. Findings and Purpose

Sec. 823.001.  FINDINGS AND PURPOSE.  (a)  It is consistent with the public interest and the interest of policyholders to permit insurers to:(1)  engage in activities that would enable the insurers to make better use of management skills and facilities;(2)  have free access to capital markets that could provide funds for insurers to use in diversification programs;(3)  implement sound tax planning conclusions;  and(4)  serve the changing needs of the public and adapt to changing conditions of the social, economic, and political environment, so that insurers are able to compete effectively and to meet the growing public demand for institutions capable of providing a comprehensive range of financial services.(b)  The public interest and the interests of policyholders are adversely affected if:(1)  control of an insurer is sought by persons who would use the control adversely to the interest of policyholders;(2)  acquisition of control of an insurer substantially lessens competition or creates a monopoly in the insurance business in this state;(3)  an insurer that is part of a holding company system is caused to enter into transactions or relationships with affiliated companies on terms that are not fair and reasonable;  or(4)  an insurer pays dividends to shareholders that jeopardize the financial condition of the insurer.(c)  The purpose of this chapter is to promote the public interest by:(1)  facilitating the achievement of the objectives described by Subsection (a);(2)  requiring disclosure of pertinent information relating to and approval of changes in control of an insurer;(3)  requiring disclosure and approval of material transactions and relationships between the insurer and the insurer's affiliates, including certain dividends to shareholders paid by the insurer; and(4)  providing standards governing material transactions between the insurer and the insurer's affiliates.(d)  It is desirable to prevent unnecessary multiple and conflicting regulation of insurers.  In accordance with this purpose and except as provided by this chapter, this state shall exercise regulatory authority under this chapter only with respect to domestic insurers.|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.010, eff. April 1, 2009.|
TX Ins Code § 823.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter A. General Provisions|Section 823.003. Classification as Affiliate or Subsidiary

Sec. 823.003.  CLASSIFICATION AS AFFILIATE OR SUBSIDIARY.  (a)  A person is an affiliate of another if the person directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with the other person.(b)  A person is a subsidiary of another if the person is an affiliate of and is controlled by the other person directly or indirectly through one or more intermediaries.(c)  A subsidiary or holding company of a person is an affiliate of that person.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.004 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter A. General Provisions|Section 823.004. Classification as Commercially Domiciled Insurer

Sec. 823.004.  CLASSIFICATION AS COMMERCIALLY DOMICILED INSURER.  (a)  For purposes of this chapter, a foreign or alien insurer authorized to engage in the business of insurance in this state is a commercially domiciled insurer if during the period described by Subsection (b) the average of the gross premiums written by the insurer in this state is:(1)  more than the average of the gross premiums written by the insurer in its state of domicile;  and(2)  30 percent or more of the total gross premiums written by the insurer in the United States, as reported in its three most recent annual statements.(b)  The period applicable to Subsection (a) is:(1)  the three most recent fiscal years of the insurer that precede the fiscal year in which the determination under this section is made;  or(2)  if the insurer has been authorized to engage in the business of insurance in this state for less than the period described by Subdivision (1), the period for which the insurer has been authorized 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 § 823.005 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter A. General Provisions|Section 823.005. Description of Control; Determination of Control

Sec. 823.005.  DESCRIPTION OF CONTROL;  DETERMINATION OF CONTROL.  (a)  For purposes of this chapter, control is the power to direct, or cause the direction of, the management and policies of a person, other than power that results from an official position with or corporate office held by the person.  The power may be possessed directly or indirectly by any means, including through the ownership of voting securities or by contract, other than a commercial contract for goods or nonmanagement services.(b)  For purposes of this chapter, a person controls another if the person possesses the power described by Subsection (a) with regard to the other person.(c)  After providing notice and opportunity for hearing to each person in interest, the commissioner may determine that, notwithstanding the absence of a presumption under Section 823.151, a person controls an authorized insurer if the person, directly or indirectly and alone or under an agreement with one or more other persons, exercises such a controlling influence over the management or policies of the insurer that it is necessary or appropriate in the public interest or for the protection of the insurer's policyholders that the person be considered to control the insurer.  The commissioner shall make specific findings of fact to support a determination under this subsection.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|