reglab/housing_qa huggingface dataset:
TX Ins Code § 822.051 (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 B. Formation and Structure of Company|Section 822.051. Formation of Company

Sec. 822.051.  FORMATION OF COMPANY.  (a)  Any number of persons may form a company for the purpose of engaging in the business of insurance.(b)  To form a company, each incorporator must adopt and sign the articles of incorporation of the company as provided by this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.052 (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 B. Formation and Structure of Company|Section 822.052. Articles of Incorporation

Sec. 822.052.  ARTICLES OF INCORPORATION.  Articles of incorporation of a proposed insurance company must state:(1)  the name of the company;(2)  the location of the company's principal business office;(3)  the kind of insurance business in which the company proposes to engage;(4)  the amount of the company's capital stock;  and(5)  the amount of the company's surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.053 (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 B. Formation and Structure of Company|Section 822.053. Company's Name

Sec. 822.053.  COMPANY'S NAME.  An 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 § 822.054 (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 B. Formation and Structure of Company|Section 822.054. Capital Stock and Surplus Requirements

Sec. 822.054.  CAPITAL STOCK AND SURPLUS REQUIREMENTS.  (a)  An insurance company must have capital stock in an amount of at least $2.5 million and surplus in an amount of at least $2.5 million.(b)  At the time of incorporation, the required capital and surplus must be in cash.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1275 (H.B. 1476), Sec. 1, eff. September 1, 2009.|
TX Ins Code § 822.055 (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 B. Formation and Structure of Company|Section 822.055. Shares of Stock With Par Value

Sec. 822.055.  SHARES OF STOCK WITH PAR VALUE.  (a)  An insurance company organized under the laws of this state may authorize the issuance of shares of stock with a par value of not less than $1 or more than $100.  The company may increase from time to time the number of shares with a par value by an amendment to the company's charter.(b)  Each par value share of stock must be fully paid before issuance in an amount that is not less than the share's par value.  Par value shares issued under this section are not subject to additional call or assessment, and the subscriber or holder of those shares is not required to make an additional payment with respect to those shares.(c)  When an application for charter or an amendment to the charter authorizing the issuance of shares of stock with a par value is filed, the insurance company shall file with the department a statement under oath stating:(1)  the total number of par value shares subscribed;  and(2)  the actual total consideration the company received for those shares. (d)  The shareholders of an insurance company authorizing par value shares of stock must in good faith subscribe and fully pay for shares representing at least 50 percent of the total par value of the authorized shares with a par value before the company:(1)  is granted a charter;  or(2)  amends its charter to:(A)  authorize the issuance of par value shares;  or(B)  increase or decrease from time to time the number of authorized par value shares.(e)  If all of the authorized par value shares of stock 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 total number of shares issued and the total consideration received for those shares.  The company shall file the certificate not later than the 90th day after the date of issuance of those remaining shares.  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.(f)  The consideration received by an insurance company for a par value share constitutes capital to the extent of its par value and the remainder, if any, constitutes surplus.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.056 (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 B. Formation and Structure of Company|Section 822.056. Shares of Stock Without Par Value

Sec. 822.056.  SHARES OF STOCK WITHOUT PAR VALUE.  (a)  An insurance company organized under the laws of this state, on incorporation or by an amendment to its charter, may authorize the issuance of shares of stock without par value.(b)  Each share of stock without par value must be equal in all respects.(c)  An insurance company may issue and dispose of authorized shares without par value for money or for notes, bonds, mortgages, and stock 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.(d)  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.(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.  An insurance company may issue and dispose of those remaining authorized shares for money or an instrument authorized for minimum capital under:(1)  a provision of Subchapter B, Chapter 424, other than Section 424.052, 424.072, or 424.073; and(2)  Section 822.204.(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.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.005, eff. April 1, 2009.|
TX Ins Code § 822.057 (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 B. Formation and Structure of Company|Section 822.057. Application for Charter

Sec. 822.057.  APPLICATION FOR CHARTER.  (a)  To obtain a charter for an insurance company, the incorporators must pay to the department the fees prescribed by law 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 proposed articles of incorporation;(3)  an affidavit made by the incorporators or officers of the company that states that:(A)  the capital and surplus is the bona fide property of the company;  and(B)  the information in the articles of incorporation is true and correct;  and(4)  if the application provides for the issuance of shares of stock without par value, a certificate authenticated by the incorporators stating:(A)  the number of shares without par value that are subscribed;  and(B)  the actual consideration received by the company for those shares.(b)  If the commissioner is not satisfied with the affidavit filed under Subsection (a)(3), the commissioner may require that the incorporators provide at their expense additional evidence of a matter required in the affidavit before the commissioner:(1)  receives the proposed articles of incorporation or the application for charter; or(2)   issues a certificate of authority to the company.(c)  Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(1), 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. 4, eff. June 19, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 19(1), eff. June 19, 2009.|
TX Ins Code § 822.058 (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 B. Formation and Structure of Company|Section 822.058. Action by Commissioner After Filing of Application for Charter

Sec. 822.058.  ACTION BY COMMISSIONER AFTER FILING OF APPLICATION FOR CHARTER.  (a)  Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(2), eff. June 19, 2009.(b)  After the items required for a charter under Sections 822.057(a)(1) and (2) are filed with the department and the proposed insurance company has complied with all legal requirements, the commissioner shall conduct an examination of the company to determine whether:(1)  the minimum capital stock and surplus requirements of Section 822.054 are satisfied;(2)  the capital stock and surplus is the bona fide property of the company; and(3)  the insurance company has fully complied with insurance laws.(c)  The commissioner may appoint a competent and disinterested person to conduct the examination required by this section.  The examiner shall file an affidavit of the examiner's findings with the commissioner.  The commissioner shall record the affidavit.|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. 5, eff. June 19, 2009.Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 19(2), eff. June 19, 2009.|
TX Ins Code § 822.060 (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 B. Formation and Structure of Company|Section 822.060. Action on Application

Sec. 822.060.  ACTION ON APPLICATION.  (a)  In considering the application, the commissioner shall determine if:(1)  the proposed capital structure of the company meets the requirements of this code;(2)  the proposed officers, directors, attorney in fact, or managing head of the company have sufficient insurance experience, ability, standing, and good record 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.(c)  If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application.  On approval of an application, the articles of incorporation of the company shall be filed with the department.(d)  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.|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. 6, eff. June 19, 2009.|
TX Ins Code § 822.061 (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 B. Formation and Structure of Company|Section 822.061. Issuance of Charter

Sec. 822.061.  ISSUANCE OF CHARTER.  (a)  On receipt of a charter fee in the amount determined under Chapter 202, the commissioner shall examine the articles of incorporation filed with the department under Section 822.060 and any certificate filed under Section 822.057(a)(4).(b)  If the commissioner approves the articles of incorporation and, if applicable, the certificate filed under Section 822.057(a)(4), the commissioner shall certify and file the approved documents with the department records and, on receipt of a fee in the amount determined under Chapter 202, the commissioner shall issue a certified copy of the charter to the incorporators.(c)  When the insurance company's charter is issued, the charter is effective and the incorporators may proceed with the organization of the company as 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.006, eff. April 1, 2009.|
TX Ins Code § 822.101 (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 C. Authority to Engage in Business in This State|Section 822.101. Certificate of Authority

Sec. 822.101.  CERTIFICATE OF AUTHORITY.  When the articles of incorporation of an insurance company have been filed with the department under Section 822.060 or the company has been authorized to engage in business as provided by law, the commissioner shall issue to the company a certificate of authority to commence business as proposed in the company's articles of incorporation or application for charter if the commissioner determines that the company has fully complied with the law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.151 (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 822.151. Conducting Shareholders Meeting

Sec. 822.151.  CONDUCTING SHAREHOLDERS MEETING.  (a)  Except as otherwise provided by this code, at a meeting of an insurance company's shareholders to elect the company's board of directors or to transact other company business, a quorum is any number of shareholders whose cumulative ownership in the company represents at least 51 percent of the company's stock.(b)  A shareholder may vote in person or by proxy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.152 (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 822.152. Board of Directors

Sec. 822.152.  BOARD OF DIRECTORS.  (a)  An insurance company organized under the laws of this state is managed by its board of directors.(b)  The board consists of not fewer than five directors.  A director:(1)  is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company; and(2)  serves until the director's successor is elected and accepts the position.(c)  The board of directors may adopt bylaws and regulations as necessary to conduct the company's business.  A majority of the board is a quorum.(d)  The board of directors shall keep a full and correct record of the board's transactions.  The shareholders or other interested persons may inspect those records during business hours.(e)  The directors shall fill a vacancy that occurs on the board or in any office of the company.|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. 1, eff. September 1, 2021.|
TX Ins Code § 822.153 (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 822.153. Election of Directors

Sec. 822.153.  ELECTION OF DIRECTORS.  (a)  Not later than the 30th day after the date on which the company's subscription books are filed, the shareholders of an insurance company shall meet to elect the company's initial board of directors.  At the meeting, each shareholder is entitled to one vote for each share of stock.(b)  The shareholders of an insurance company shall meet annually as provided by the company's bylaws to elect successor directors.(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.  Not later than the 30th day before the date of the special meeting, the shareholders must publish notice of the meeting in a newspaper of general circulation in the county in which the principal office of the company is located.|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. 2, eff. September 1, 2021.|
TX Ins Code § 822.154 (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 822.154. Officers

Sec. 822.154.  OFFICERS.  (a)  An insurance company's directors shall choose one of the directors to serve as the company's president.(b)  Other officers of the insurance company shall be chosen in accordance with the company's bylaws.  An officer other than the president is not required to be a director or a shareholder unless such a qualification is required by the company's bylaws or articles of incorporation.(c)  An insurance company's officers shall perform duties, receive compensation, and provide security as stated in the company's bylaws.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 822.155 (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 822.155. Application for Amendment of Charter

Sec. 822.155.  APPLICATION FOR AMENDMENT OF CHARTER.  A domestic insurance company may amend its charter by paying to the commissioner a fee in the amount determined under Chapter 202 and by filing with the department:(1)  an application for a charter amendment on the form and containing the information prescribed by the commissioner; and(2)  the company's proposed 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.007, eff. April 1, 2009.|
TX Ins Code § 822.156 (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 822.156. Certificate Required for Amendment of Charter to Authorize Shares Without Par Value

Sec. 822.156.  CERTIFICATE REQUIRED FOR AMENDMENT OF CHARTER TO AUTHORIZE SHARES WITHOUT PAR VALUE.  (a)  If a proposed amendment to the charter of an insurance company authorizes the issuance of shares of stock without par value, the insurance company must file with the department, at the time the proposed amendment is filed, a certificate authenticated by a majority of the directors stating:(1)  the number of shares without par value that are subscribed;  and(2)  the consideration the company received for those shares.(b)  On receipt of the certificate, the commissioner shall examine the certificate.  The commissioner shall certify and file the certificate if the commissioner approves the certificate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|