reglab/housing_qa huggingface dataset:
TX Ins Code § 862.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter A. Regulation of Fire and Marine Insurance Companies|Section 862.002. Prohibitions Relating to Holding Real Property; Exceptions

Sec. 862.002.  PROHIBITIONS RELATING TO HOLDING REAL PROPERTY;  EXCEPTIONS.  (a)  A fire, marine, or inland marine insurance company may not purchase, hold, or convey real property, except as provided by Subsections (b) and (c). (b)  The company may erect and maintain buildings ample and adequate for the transaction of the company's business.(c)  Subsection (a) does not apply to:(1)  real property mortgaged to the company in good faith as security for a loan previously contracted or for money due;(2)  real property conveyed to the company in satisfaction of a debt previously contracted in the legitimate business of the company or for money due;(3)  real property purchased under a judgment, decree, or mortgage obtained or made for a debt under Subdivision (2);  or(4)  a mineral or royalty interest reserved on the sale of real property acquired under Subdivision (1), (2), or (3) before January 1, 1942.(d)  A fire, marine, or inland marine insurance company may not invest more than 33-1/3 percent of the company's admitted assets in real property.  A fire, marine, or inland marine insurance company may not invest any of its capital or minimum surplus in real property, other than real property described by Subsection (c).(e)  Section 861.258 applies to real property acquired under Subsection (c)(1), (2), or (3).(f)  The commissioner shall appoint at least two competent and disinterested residents of this state to appraise real property described by Subsection (b) when the property is acquired or when the company applies for amendment to its charter.  The company shall pay to the commissioner the reasonable cost of the appraisal.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter A. Regulation of Fire and Marine Insurance Companies|Section 862.003. Admitted Assets

Sec. 862.003.  ADMITTED ASSETS.  The value of the property of the company shown on the report as determined under Section 862.001 and the rules adopted by the commissioner adopted under that section is considered to be an admitted asset of the company for all purposes.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies|Section 862.051. Kinds of Insurance Authorized

Sec. 862.051.  KINDS OF INSURANCE AUTHORIZED.  On filing notice of its intent with the department, an insurance company engaged in the business of insurance in this state under an appropriate certificate of authority may:(1)  insure houses, buildings, and other property against loss or damage by fire;(2)  insure goods, merchandise, and other property in the course of transportation by land or water, or vessels afloat, regardless of their location;(3)  insure motor vehicles, whether stationary or being operated under the motor vehicle's own power, against loss or damage by fire, lightning, windstorm, hail storm, tornado, cyclone, explosion, transportation by land or water, theft, and collision;(4)  lend money on bottomry or respondentia;(5)  obtain insurance against:(A)  any loss or risk the company has incurred in the course of its business;  and(B)  any loss or risk on an interest that the company has in property because of a loan it has made on bottomry or respondentia;  and(6)  take any action proper to promote an activity described by this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies|Section 862.052. Prohibitions Relating to Life Insurance and Life Insurance Companies

Sec. 862.052.  PROHIBITIONS RELATING TO LIFE INSURANCE AND LIFE INSURANCE COMPANIES.  (a)  An insurance company authorized by its charter to write fire, marine, lightning, tornado, or inland marine insurance in this state may not write life insurance.(b)  An insurance company authorized to write life insurance in this state may not write fire, marine, or inland marine insurance or any other insurance described by Section 862.051.(c)  The commissioner shall enforce this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies|Section 862.053. Fire Insurance: Total Loss of Real Property

Sec. 862.053.  FIRE INSURANCE:  TOTAL LOSS OF REAL PROPERTY.  (a)  A fire insurance policy, in case of a total loss by fire of property insured, shall be held and considered to be a liquidated demand against the company for the full amount of such policy.  This subsection does not apply to personal property.(b)  An insurance company shall incorporate verbatim the provisions of Subsection (a) in each fire insurance policy issued as coverage on real property in this state.(c)  The commissioner shall require compliance with this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.220, eff. Sept. 1, 2003.|
TX Ins Code § 862.054 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies|Section 862.054. Fire Insurance: Breach by Insured; Personal Property Coverage

Sec. 862.054.  FIRE INSURANCE:  BREACH BY INSURED;  PERSONAL PROPERTY COVERAGE.  Unless the breach or violation contributed to cause the destruction of the property, a breach or violation by the insured of a warranty, condition, or provision of a fire insurance policy or contract of insurance on personal property, or of an application for the policy or contract:(1)  does not render the policy or contract void;  and(2)  is not a defense to a suit for loss.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.055 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter B. Insurance Coverage Provided by Fire and Marine Insurance Companies|Section 862.055. Fire Insurance: Interest of Mortgagee or Trustee

Sec. 862.055.  FIRE INSURANCE:  INTEREST OF MORTGAGEE OR TRUSTEE.  (a)  The interest of a mortgagee or trustee under a fire insurance contract covering property located in this state may not be invalidated by:(1)  an act or neglect of the mortgagor or owner of the property;  or(2)  the occurrence of a condition beyond the mortgagor's or owner's control.(b)  A provision of a contract that conflicts with Subsection (a) is void.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.101 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter C. Reinsurance and Reserves|Section 862.101. Fire and Allied Lines of Insurance: Authorized and Required Reinsurance

Sec. 862.101.  FIRE AND ALLIED LINES OF INSURANCE:  AUTHORIZED AND REQUIRED REINSURANCE.  (a)  In this section, "fire and allied lines of insurance" has the meaning assigned by statute, rules adopted by the commissioner, or lawful custom.(b)  An insurance or reinsurance company that is authorized to write or reinsure fire and allied lines of insurance in this state may reinsure all or any part of a single risk in one or more other solvent insurers.(c)  An insurance company that is incorporated under the laws of the United States or a state of the United States and authorized to write fire and allied lines of insurance in this state may not, unless the excess is reinsured by the company in another solvent insurer, expose itself to any loss or hazard on a single risk in an amount that exceeds 10 percent of the company's paid-up capital stock and surplus.(d)  An insurance company that is incorporated under the laws of a jurisdiction other than the United States or a state of the United States and authorized to write fire and allied lines of insurance in this state may not, unless the excess is reinsured by the company in another solvent insurer, expose itself to any loss or hazard on a single risk in an amount that exceeds the sum of:(1)  10 percent of the company's deposit with the statutory officer in the state through which the company is authorized to do business in the United States;  and(2)  10 percent of the other policyholders' surplus of the company's United States branch.(e)  Subsections (c) and (d) do not apply in connection with the writing of insurance for cotton in bales or for grain.(f)  Reinsurance that is required or permitted by this section must comply with:(1)  Subchapter A, Chapter 491; and(2)  Chapter 493.|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.067, eff. April 1, 2009.Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.09, eff. September 1, 2017.|
TX Ins Code § 862.102 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter C. Reinsurance and Reserves|Section 862.102. Reinsurance or Reserves Required for Fire Insurance

Sec. 862.102.  REINSURANCE OR RESERVES REQUIRED FOR FIRE INSURANCE.  (a)  An insurance company writing fire insurance in this state shall maintain reinsurance or unearned premium reserves on its policies in force.(b)  The commissioner may require that reserves required by Subsection (a) equal the unearned portions of the gross premiums in force after deducting reinsurance under Section 862.101, as computed on each respective risk from the policy's date of issue.(c)  If the commissioner does not impose a requirement under Subsection (b), the portions of the gross premium in force held as reinsurance or unearned premium reserves after deducting reinsurance under Section 862.101 shall be computed as follows:Term for Which Policy Was WrittenReserve for Unearned Premium1 year or less1/22 years1st year 3/42nd year 1/43 years1st year 5/62nd year 1/23rd year 1/64 years1st year 7/82nd year 5/83rd year 3/84th year 1/85 years1st year 9/102nd year 7/103rd year 1/24th year 3/105th year 1/10More than 5 yearspro rata(d)  Notwithstanding Subsection (c), an insurance company may compute, or the commissioner may require an insurance company to compute, the reserves on a quarterly, monthly, or more frequent pro rata basis.(e)  An insurance company that adopts a method for computing the reserve may not adopt another method without commissioner approval.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.103 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter C. Reinsurance and Reserves|Section 862.103. Reinsurance or Reserves Required for Home Warranty Insurance Companies

Sec. 862.103.  REINSURANCE OR RESERVES REQUIRED FOR HOME WARRANTY INSURANCE COMPANIES.  (a)  An insurance company writing home warranty insurance in this state shall maintain reinsurance or unearned premium reserves on its policies in force.(b)  Reserves required by Subsection (a) shall be computed in the same manner and to the same extent as is fire insurance under Section 862.102.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.104 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter C. Reinsurance and Reserves|Section 862.104. Reserves Required for Ocean and Inland Marine Trip Insurance Companies

Sec. 862.104.  RESERVES REQUIRED FOR OCEAN AND INLAND MARINE TRIP INSURANCE COMPANIES.  The total of the premiums on ocean and inland marine trip insurance risks not terminated is considered to be unearned, and the insurance company shall maintain a reserve equal to the total of the premiums for those policies.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 862.151 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter D. Impairment of Surplus|Section 862.151. Reduction of Capital Stock and Par Value of Shares

Sec. 862.151.  REDUCTION OF CAPITAL STOCK AND PAR VALUE OF SHARES.  (a)  If the minimum surplus of a fire, marine, or inland marine insurance company is impaired in excess of the amount permitted under Subchapter B, Chapter 404, the commissioner may allow the company to amend its charter as provided by Sections 822.157 and 822.158 to reduce the amount of the company's capital stock and the par value of its shares in proportion to the extent of the permitted amount of impairment.(b)  A company acting under Subsection (a):(1)  may not reduce the par value of its shares below the sum computed under Section 822.055;(2)  may not deduct from the assets and property on hand more than $125,000;(3)  shall retain the remainder of the assets and property on hand as surplus assets;(4)  may not distribute any of the assets or property to the shareholders; and(5)  may not reduce the capital stock or surplus of the company to an amount less than the minimum capital and the minimum surplus required by Sections 822.202, 822.210, and 822.211, subject to Subchapter B, Chapter 404.|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.068, eff. April 1, 2009.|
TX Ins Code § 862.152 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter D. Impairment of Surplus|Section 862.152. Making Good on Impairment

Sec. 862.152.  MAKING GOOD ON IMPAIRMENT.  (a)  This section applies to a fire, marine, or inland marine insurance company that receives notice from the commissioner under Subchapter B, Chapter 404, to make good within 60 days:(1)  any impairment of the company's required capital; or(2)  the company's surplus.(b)  The company shall promptly call on its shareholders for an amount necessary to make the company's capital and surplus equal to the amount required by Sections 822.054 and 822.210, subject to Subchapter B, Chapter 404.(c)  The shareholders of the company shall be informed of a call under Subsection (b):(1)  by personal notice;  or(2)  by advertisement for the time and in the manner approved by the commissioner.|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.069, eff. April 1, 2009.|
TX Ins Code § 862.153 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter D. Impairment of Surplus|Section 862.153. Failure of Shareholder to Pay

Sec. 862.153.  FAILURE OF SHAREHOLDER TO PAY.  (a)  If a shareholder of the insurance company who is given notice under Section 862.152 does not pay the amount called for by the company under that section, the company may:(1)  require the return of the original certificate of stock held by the shareholder; and(2)  issue a new certificate for a number of shares that the shareholder may be entitled to in the proportion that the value of the funds of the company, computed without inclusion of any money or other property paid by shareholders in response to the notice under Section 862.152, bears to the total amount of the original capital and the minimum surplus of the company required by Section 822.054 or 822.210, subject to Subchapter B, Chapter 404.(b)  The value of any shares for which new certificates are issued under Subsection (a)(2) shall be computed under the direction of the commissioner.  The insurance company shall pay for the fractional parts of shares.(c)  Any interested person may pay all or any part of the amount of the deficit resulting from a shareholder default under Subsection (a).  The company shall issue to each person who makes a payment a stock certificate that is representative of the number of shares to which the person is entitled.  The certificate must be for the number of shares in proportion to the total number of forfeited shares that the payment made by the person bears to the deficit that resulted from the forfeited shares.|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.070, eff. April 1, 2009.|
TX Ins Code § 862.154 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle D - Casualty Companies|Chapter 862 - Fire and Marine Insurance Companies|Subchapter D. Impairment of Surplus|Section 862.154. Creation and Disposal of New Stock

Sec. 862.154.  CREATION AND DISPOSAL OF NEW STOCK.  (a)  A fire, marine, or inland marine insurance company that complies with Sections 822.155, 822.157, and 822.158 may:(1)  create new stock;(2)  dispose of the new stock according to applicable law;  and(3)  issue new certificates for the new stock.(b)  The insurance company shall sell any new stock created under Subsection (a) for an amount sufficient to make up any impairment of the company's required minimum capital and to make up the surplus of the company as required by Section 822.054 or 822.210, subject to Subchapter B, Chapter 404, but may not impair the capital 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.071, eff. April 1, 2009.|
TX Ins Code § 881.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter A. General Provisions|Section 881.001. Definition

Sec. 881.001.  DEFINITION.  In this chapter, "statewide mutual assessment company" means a corporation engaged in the statewide business of mutually protecting or insuring members' lives with money provided by assessments on those members.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter A. General Provisions|Section 881.002. Limited Exemption From Insurance Laws

Sec. 881.002.  LIMITED EXEMPTION FROM INSURANCE LAWS.  (a)  Except as provided by this chapter and Chapter 887, the insurance laws of this state do not apply to a statewide mutual assessment company.(b)  A law enacted after June 20, 1933, does not apply to statewide mutual assessment companies unless statewide mutual assessment companies are expressly designated in the law.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter A. General Provisions|Section 881.003. Compliance With Insurance Laws

Sec. 881.003.  COMPLIANCE WITH INSURANCE LAWS.  An individual, firm, unincorporated association, or corporation may not engage in business as a statewide mutual assessment company in this state unless the entity complies with this chapter and Chapter 887.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.004 (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 A. General Provisions|Section 881.004. Exemption From Chapter

Sec. 881.004.  EXEMPTION FROM CHAPTER.  This chapter applies only to a statewide mutual assessment company.  This chapter does not apply to a company operating as a local mutual aid association, fraternal benefit society, or reciprocal exchange or to a foreign assessment company operating under any other law in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.005 (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 A. General Provisions|Section 881.005. Organization of New Company Prohibited

Sec. 881.005.  ORGANIZATION OF NEW COMPANY PROHIBITED.  A new statewide mutual assessment company may not be organized under this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 881.006 (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 A. General Provisions|Section 881.006. Annual Statement

Sec. 881.006.  ANNUAL STATEMENT.  (a)  For the filing of each annual statement, the department shall charge the appropriate fee.  The fee must be deposited in the Texas Department of Insurance operating account.(b)  Sections 201.001 and 201.002 apply to the fee.|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.072, eff. April 1, 2009.|
TX Ins Code § 881.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle E - Mutual and Fraternal Companies and Related Entities|Chapter 881 - Statewide Mutual Assessment Companies|Subchapter B. Structure and Operation of Statewide Mutual Assessment Companies|Section 881.051. Authority to Act as Statewide Mutual Assessment Company

Sec. 881.051.  AUTHORITY TO ACT AS STATEWIDE MUTUAL ASSESSMENT COMPANY.  A corporation may engage in business as a statewide mutual assessment company only if the corporation:(1)  was incorporated in this state under a law that was amended, repealed, or reenacted before June 20, 1933;(2)  was engaged in business as a statewide mutual assessment company in this state on December 31, 1932;(3)  does not have capital stock;  and(4)  is not for profit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|