reglab/statecodes huggingface dataset:
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter D. Trusteed Assets of Alien Insurance Companies › Section 982.203. Location of Trusteed Assets

Sec. 982.203.  LOCATION OF TRUSTEED ASSETS.  (a)  The trusteed assets of an alien insurance company shall be kept continuously in the United States.
(b)  The trusteed assets of an alien insurance company that enters the United States through this state shall be kept continuously in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter D. Trusteed Assets of Alien Insurance Companies › Section 982.204. Withdrawal of Trusteed Assets

Sec. 982.204.  WITHDRAWAL OF TRUSTEED ASSETS.  (a)  The deed of trust relating to the trusteed assets of an alien insurance company must provide that the trustee or trustees may not make or permit a withdrawal of assets, other than as specified by Section 982.201(c), without the commissioner's prior written approval except to:
(1)  make deposits required by law in any state for the security or benefit of the policyholders of the company in the United States;
(2)  substitute other assets permitted by law and at least equal in value to those withdrawn, subject to Subsection (b);  or
(3)  transfer the assets to an official liquidator or rehabilitator in accordance with an order of a court of competent jurisdiction.
(b)  A withdrawal under Subsection (a)(2) may be made only on the specific written direction of the United States manager or an assistant United States manager when authorized and acting under general or specific written authority previously given or delegated by the board of directors.
(c)  On withdrawal of trusteed assets deposited in another state in which the alien insurance company is authorized to engage in the business of insurance:
(1)  the deed of trust may require similar written approval of the insurance supervising official of that state instead of the commissioner's approval as provided by Subsection (a);  and
(2)  if approval under Subdivision (1) is required, the company shall notify the commissioner in writing of the nature and extent of the withdrawal.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter E. Trusteed Surplus of Alien Insurance Companies › Section 982.251. Trusteed Surplus of Alien Insurance Company

Sec. 982.251.  TRUSTEED SURPLUS OF ALIEN INSURANCE COMPANY.  The total value of an alien insurance company's general state deposits and trusteed assets less the total net amount of all the company's liabilities and reserves in the United States, as determined in accordance with Section 982.252, is the company's trusteed surplus in the United States.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter E. Trusteed Surplus of Alien Insurance Companies › Section 982.252. Form and Contents of Financial Statement of Alien Insurance Company

Sec. 982.252.  FORM AND CONTENTS OF FINANCIAL STATEMENT OF ALIEN INSURANCE COMPANY.  (a)  A financial statement required to be filed by an alien insurance company under Section 982.004 must be on a form prescribed by the commissioner and must show, as of the preceding December 31:
(1)  the company's general deposits of assets in the United States deposited with officers of any state in trust for the exclusive benefit, security, and protection of the company's policyholders in the United States;
(2)  the company's special deposits of assets in the United States deposited with officers of any state in trust for the exclusive benefit, security, and protection of the company's policyholders in a particular state;
(3)  the company's trusteed assets in the United States held for the exclusive benefit, security, and protection of the company's policyholders in the United States;
(4)  the company's reserves and other liabilities arising out of policies or obligations issued, assumed, or incurred in the United States;  and
(5)  any further information as determined necessary to implement this section.
(b)  In addition to the requirements under Subsection (a), a financial statement filed by an alien life insurance company must show the amount of the company's policy loans to policyholders in the United States, not exceeding the amount of the legal reserve required on each policy.
(c)  In determining the net amount of an alien insurance company's liabilities in the United States, the company may deduct:
(1)  reinsurance on losses with insurers qualifying for credit, less unpaid reinsurance premiums, with a schedule showing by company the amount deducted;  and
(2)  unearned premiums on agents' balances or uncollected premiums not more than 90 days past due.
(d)  Any liability on an asset not considered in the statement may be applied against that asset.
(e)  A special state deposit held for the exclusive benefit of policyholders of a particular state may be allowed as an offset against the alien insurance company's liabilities in that state only.
(f)  The statement may include accrued interest at the date of the statement on assets deposited with states and trustees if the interest is collected by the states or trustees.
(g)  The United States manager, attorney-in-fact, or authorized assistant United States manager of the alien insurance company shall sign and verify the statement.  The United States trustee or trustees shall certify the items of securities and other property held under deeds of trust.
(h)  The commissioner may at any time and for any period determined necessary require additional statements of the kind required by this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter E. Trusteed Surplus of Alien Insurance Companies › Section 982.253. Impairment of Trusteed Surplus

Sec. 982.253.  IMPAIRMENT OF TRUSTEED SURPLUS.  (a)  If the commissioner determines from a statement filed under Section 982.252 or any report that an alien insurance company's trusteed surplus is less than the greater of the minimum capital required of, or the minimum surplus required to be maintained by, a domestic insurance company authorized to engage in the same kinds of insurance, the commissioner shall:
(1)  determine the amount of the impairment;  and
(2)  order the company, through its United States manager or attorney, to eliminate the impairment within the period designated by the commissioner.
(b)  The period for eliminating an impairment under Subsection (a) must end not later than the 90th day after the date the order is served.
(c)  The commissioner may also by order revoke or suspend an alien insurance company's certificate of authority or prohibit the company from issuing new policies in the United States while an impairment under Subsection (a) exists.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter E. Trusteed Surplus of Alien Insurance Companies › Section 982.254. Failure to Eliminate Impairment of Trusteed Surplus

Sec. 982.254.  FAILURE TO ELIMINATE IMPAIRMENT OF TRUSTEED SURPLUS.  If an alien insurance company has not satisfied the commissioner at the end of the designated period under Section 982.253(a) that the impairment has been eliminated, the commissioner may proceed against the company as provided by Chapter 441 as an insurance company whose further transaction of the business of insurance in the United States will be hazardous to its policyholders in the United States.
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.137, eff. April 1, 2009.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter E. Trusteed Surplus of Alien Insurance Companies › Section 982.255. Examination of Alien Insurance Company

Sec. 982.255.  EXAMINATION OF ALIEN INSURANCE COMPANY.  (a)  The books, records, accounting, and verification relating to an authorized alien insurance company's trusteed assets are subject to examination by the department or the department's appointed representative at the United States branch office of the company, in the same manner and to the same extent that applies under Subchapter A, Chapter 86, and Sections 401.051, 401.052, 401.054-401.062, 401.151, 401.152, 401.155, and 401.156 to domestic and foreign insurance companies authorized to engage in the same kind of insurance.
(b)  The books, records, and accounting for trusteed assets of an alien insurance company that enters the United States through this state shall be maintained in English in the company's branch office in this state.
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.138, eff. April 1, 2009.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter F. Provisions Applicable to Certain Companies › Section 982.301. Applicability of Subchapter

Sec. 982.301.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies only to a foreign or alien insurance company that is not a life insurance company, accident insurance company, life and accident insurance company, health and accident insurance company, or life, health, and accident insurance company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter F. Provisions Applicable to Certain Companies › Section 982.302. Reinsurance Not Prohibited

Sec. 982.302.  REINSURANCE NOT PROHIBITED.  This chapter does not prohibit a foreign insurance company from:
(1)  reinsuring a domestic insurance company;  or
(2)  locating in this state, if the company does not directly insure persons domiciled in this state or insure against risks located in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter F. Provisions Applicable to Certain Companies › Section 982.303. Texas Law Accepted

Sec. 982.303.  TEXAS LAW ACCEPTED.  A foreign or alien insurance company that issues a contract or policy in this state is considered to have agreed to comply with this code as a prerequisite to engaging in the business of insurance in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter F. Provisions Applicable to Certain Companies › Section 982.304. Same or Deceptively Similar Name

Sec. 982.304.  SAME OR DECEPTIVELY SIMILAR NAME.  A foreign or alien insurance company may not be denied permission to engage in the business of insurance in this state because the name of the company is the same as or deceptively similar to the name of a domestic corporation existing under the laws of this state or of another foreign or alien insurance company authorized to engage in the business of insurance in this state if the company desiring to engage in the business of insurance in this state:
(1)  files with the department and with any county clerk as provided by Subchapter B or C, Chapter 71, Business & Commerce Code, an assumed name certificate stating a name permitted under the laws of this state; and
(2)  does not engage in any business in this state except under the assumed name.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.21, eff. April 1, 2009.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 982 - Foreign and Alien Insurance Companies › Subchapter F. Provisions Applicable to Certain Companies › Section 982.305. Limitation on Actions in Other State Courts

Sec. 982.305.  LIMITATION ON ACTIONS IN OTHER STATE COURTS.  An action involving a contract entered into in this state between a foreign or alien insurance company and a resident of this state may not be brought in or transferred to a court in another state without the consent of the resident of this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter A. General Provisions › Section 983.001. Definition

Sec. 983.001.  DEFINITION.  In this chapter, "redomestication" means a change in domicile of an insurer or health maintenance organization by merger, consolidation, or another legal method.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter A. General Provisions › Section 983.002. Rules

Sec. 983.002.  RULES.  The commissioner may adopt rules as necessary to implement this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.051. Redomestication: Foreign to Domestic

Sec. 983.051.  REDOMESTICATION:  FOREIGN TO DOMESTIC.  (a)  An insurer or health maintenance organization that is organized under the laws of another state and authorized to write insurance or provide a health care plan in this state may redomesticate to this state if:
(1)  the entity amends or restates its articles of incorporation to comply with each requirement of this code relating to the organization and authorization of a domestic entity of the same type;  and
(2)  the commissioner approves the redomestication.
(b)  An insurer or health maintenance organization that redomesticates under this section is:
(1)  considered to be domiciled in this state;  and
(2)  entitled to a certificate of authority to engage in the business of insurance or the business of a health maintenance organization in this state as a domestic insurer or health maintenance organization, as applicable, without interruption of its authority to engage in business in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.052. Redomestication: Domestic to Foreign

Sec. 983.052.  REDOMESTICATION:  DOMESTIC TO FOREIGN.  (a)  An insurer or health maintenance organization that is organized under the laws of this state and authorized to write insurance or provide a health care plan in another state may redomesticate to that other state if the commissioner and the supervising regulatory official of the proposed state of domicile approve the redomestication.
(b)  On the effective date of redomestication, the entity:
(1)  ceases to be a domestic insurer or health maintenance organization, as applicable;  and
(2)  is a qualified foreign insurer or health maintenance organization, as applicable, in this state without interruption of its authority to engage in the business of insurance or the business of a health maintenance organization in this state.
(c)  The commissioner may approve a proposed redomestication under this section unless the commissioner determines that:
(1)  the proposed redomestication would not be in the interest of this state's policyholders or enrollees;  or
(2)  the entity cannot qualify for a certificate of authority in this state as a foreign insurer or health maintenance organization, as applicable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.053. Redomestication: Foreign to Foreign

Sec. 983.053.  REDOMESTICATION:  FOREIGN TO FOREIGN.  (a)  An insurer or health maintenance organization that is organized under the laws of another state and authorized to engage in the business of insurance or the business of a health maintenance organization in this state may redomesticate to another foreign state without interruption of its authority to engage in business in this state as a foreign insurer or health maintenance organization, as applicable, if:
(1)  the entity:
(A)  amends or restates its articles of incorporation as required by law;  and
(B)  provides proper notice to the commissioner;  and
(2)  the commissioner:
(A)  determines that:
(i)  the proposed redomestication would not, on the effective date of redomestication, result in a reduction in the amount of the entity's capital or surplus below the amount required for authorization as a foreign insurer or health maintenance organization, as applicable;
(ii)  there would not be a material change in the lines of insurance to be written or health care plan provided by the entity;
(iii)  the proposed redomestication has been approved by the supervising regulatory officials of both the current and proposed state of domicile;
(iv)  the proposed redomestication would not be detrimental to the interest of the insurer's policyholders or the health maintenance organization's enrollees in this state;  and
(v)  the proposed redomestication is not related to a change in the control of the entity, unless the commissioner has given prior approval to the change in control;  and
(B)  approves the redomestication.
(b)  Subsection (a)(2)(A)(v) does not apply if the redomesticating insurer or health maintenance organization is to become a parent, subsidiary, or affiliate of a qualified insurer or health maintenance organization, as applicable, that has held a certificate of authority in this state for at least seven years before the date of the redomestication.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.054. Notice and Filing Required

Sec. 983.054.  NOTICE AND FILING REQUIRED.  An insurer or health maintenance organization shall:
(1)  notify the commissioner of the details of a proposed redomestication;  and
(2)  promptly file with the commissioner any amendments to its corporate documents filed or required to be filed with the commissioner.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.055. Forms of Insurance Policy or Evidence of Coverage

Sec. 983.055.  FORMS OF INSURANCE POLICY OR EVIDENCE OF COVERAGE.  (a)  A redomesticated insurer or health maintenance organization shall file with the commissioner a new insurance policy or evidence of coverage form, or an endorsement to an approved policy or evidence of coverage form, that implements the redomestication.
(b)  The insurer or health maintenance organization, under conditions approved by the commissioner and with an appropriate endorsement, may continue to use an insurance policy or evidence of coverage form that was approved before the redomestication.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter B. Redomestication Process › Section 983.056. Outstanding Insurance Policy or Evidence of Coverage: Change of Name

Sec. 983.056.  OUTSTANDING INSURANCE POLICY OR EVIDENCE OF COVERAGE:  CHANGE OF NAME.  A redomesticating insurer or health maintenance organization that changes its name shall endorse each outstanding insurance policy or evidence of coverage with the new name.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Sec. 983.057.  ISSUANCE OF AMENDED CERTIFICATE OF AUTHORITY.  The commissioner shall issue an amended certificate of authority on approval of a redomestication.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter C. Effect of Redomestication › Section 983.101. Continuation of Business

Sec. 983.101.  CONTINUATION OF BUSINESS.  (a)  If a redomesticating insurer or health maintenance organization remains qualified to engage in the business of insurance or the business of a health maintenance organization in this state, the following continue in effect after redomestication:
(1)  the approved agents' appointments and licenses;
(2)  the approved insurance policy forms and provider contracts;
(3)  the authorized premium rates;
(4)  the quality of care certificates;  and
(5)  any other relevant item that exists on the effective date of the redomestication.
(b)  Each outstanding insurance policy, evidence of coverage, provider contract, or quality of care certificate of a redomesticating insurer or health maintenance organization continues in effect after redomestication.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 983 - Redomestication of Insurers and Health Maintenance Organizations › Subchapter C. Effect of Redomestication › Section 983.102. Effect on Admitted Assets

Sec. 983.102.  EFFECT ON ADMITTED ASSETS.  Except as provided by other law, the admitted assets of a redomesticating insurer or health maintenance organization that qualify, on the effective date of the redomestication, as admitted assets under this code continue to qualify as admitted assets after the redomestication.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter A. General Provisions › Section 984.001. Authority of Mexican Casualty Insurance Companies

Sec. 984.001.  AUTHORITY OF MEXICAN CASUALTY INSURANCE COMPANIES.  (a)  An insurance company that complies with this chapter may issue an insurance policy described by Subsection (b) as a Mexican casualty insurance company if the company is:
(1)  organized under the laws of the United Mexican States or any state of that nation;  and
(2)  authorized to write insurance policies described by Subsection (b) by those laws, the company's charter or articles of association, and a license that is in effect and that is issued by the appropriate insurance regulatory authority of the United Mexican States or any state of that nation.
(b)  A Mexican casualty insurance company described by Subsection (a) may issue in this state an insurance policy only if the policy:
(1)  provides automobile coverage or accident or other casualty insurance coverage on a person or personal property;  and
(2)  is in effect only while the person or property covered by the policy is within the boundaries of the United Mexican States.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter A. General Provisions › Section 984.002. Authorized Agent Required

Sec. 984.002.  AUTHORIZED AGENT REQUIRED.  A Mexican casualty insurance company may engage in the business of insurance in this state only through an agent licensed by the department under  Subchapters A-E and G, Chapter 4051, or Chapter 4055.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.235(a), eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.139, eff. April 1, 2009.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter B. Authority to Engage in Business in This State › Section 984.051. Certificate of Authority Required

Sec. 984.051.  CERTIFICATE OF AUTHORITY REQUIRED.  A Mexican casualty insurance company must hold a certificate of authority to engage in the business of insurance under this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter B. Authority to Engage in Business in This State › Section 984.052. Application

Sec. 984.052.  APPLICATION.  (a)  To issue insurance policies under this chapter, a Mexican casualty insurance company must file with the department an application for a certificate of authority under this chapter.
(b)  The application must be:
(1)  in writing;
(2)  accompanied by a correct English translation of the company's charter and bylaws;  and
(3)  certified by:
(A)  two of the company's principal officers;  and
(B)  the insurance regulatory officials under whose supervision the company operates in the United Mexican States.
(c)  Before the department issues a certificate of authority under this chapter to a Mexican casualty insurance company, the company must file with the department:
(1)  a photostatic copy of any license held by the company to engage in the business of insurance in the United Mexican States;
(2)  a copy of the company's most recent financial reports or statements;  and
(3)  a copy of the most recent examination reports of the company's affairs and financial condition by the insurance regulatory authorities under which the company operates in the United Mexican States.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter C. Deposit With Comptroller › Section 984.101. Deposit With Comptroller Required

Sec. 984.101.  DEPOSIT WITH COMPTROLLER REQUIRED.  (a)  A Mexican casualty insurance company shall deposit with the comptroller at least $25,000 in:
(1)  United States currency;  or
(2)  securities that are:
(A)  eligible for other casualty insurance companies authorized to engage in the business of insurance in this state;  and
(B)  approved by the department.
(b)  The deposit shall be used to pay any lawful claim or final judgment against the company, including any claim or judgment for tax due to this state and any policy claim or other debt or obligation incurred in the course of the company's operations as provided by this chapter.
(c)  The company shall periodically deposit additional currency or securities described by Subsection (a) as necessary to maintain a minimum total deposit of $25,000.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter C. Deposit With Comptroller › Section 984.102. Payments From Deposit

Sec. 984.102.  PAYMENTS FROM DEPOSIT.  On approval of the department, the comptroller shall pay from the deposit required under this subchapter any unsatisfied final judgment obtained against the Mexican casualty insurance company in a court of this state based on substituted service as authorized by Chapter 804.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter C. Deposit With Comptroller › Section 984.103. Return of Deposit

Sec. 984.103.  RETURN OF DEPOSIT.  With the approval of the department, the comptroller shall return the deposit required under this subchapter, or the unencumbered balance of the deposit, to the Mexican casualty insurance company on:
(1)  the company's withdrawal from the business of insurance in this state;  and
(2)  a showing to the department that:
(A)  each policy written by the company in this state has expired or been canceled;  and
(B)  each claim or obligation of the company on a policy written in this state that constitutes a lawful charge against the deposit has been satisfied.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter D. Taxes and Charges; Reports › Section 984.151. Premium Tax

Sec. 984.151.  PREMIUM TAX.  (a)  A Mexican casualty insurance company shall pay to this state an annual premium tax based solely on the company's gross premium receipts from insurance policies issued by the company in this state that cover resident citizens of this state or property or risks principally domiciled or located in this state, as shown by reports made to the department each year.
(b)  The company shall pay the tax at the same percentage rate and in the same manner that is required of other insurance companies authorized to write accident and casualty coverage in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter D. Taxes and Charges; Reports › Section 984.152. Other Taxes and Charges

Sec. 984.152.  OTHER TAXES AND CHARGES.  In addition to paying a premium tax as required by Section 984.151, a Mexican casualty insurance company shall pay any other maintenance fee, charge, or tax that is required of other insurance companies authorized to write accident and casualty coverage in this state on the same basis as is required of those companies.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter D. Taxes and Charges; Reports › Section 984.153. Reports

Sec. 984.153.  REPORTS.  A Mexican casualty insurance company shall make the same reports that other insurance companies authorized to write accident and casualty coverage in this state are required to make.  The company shall make the reports on forms adopted by the department.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter E. Regulation and Enforcement › Section 984.201. Agreement to Comply With Chapter

Sec. 984.201.  AGREEMENT TO COMPLY WITH CHAPTER.  A Mexican casualty insurance company shall file in English a document executed by the company's officials expressly accepting the terms of this chapter and agreeing that the department may revoke, suspend, or refuse to grant a certificate of authority under this chapter on a determination by the commissioner that the company:
(1)  is insolvent or in hazardous financial condition;  or
(2)  has violated an applicable law of this state or of the company's home jurisdiction.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter E. Regulation and Enforcement › Section 984.202. Annual Statement

Sec. 984.202.  ANNUAL STATEMENT.  A Mexican casualty insurance company shall file annually with the department each of the items listed in Section 984.052(c).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter E. Regulation and Enforcement › Section 984.203. Authority to Conduct Examination

Sec. 984.203.  AUTHORITY TO CONDUCT EXAMINATION.  The department may examine at any time the affairs and condition and any books or records of a Mexican casualty insurance company, at the company's expense, to determine the company's:
(1)  financial condition and solvency;  and
(2)  compliance with the applicable laws of this state and of the company's home jurisdiction.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 6 - Organization of Insurers and Related Entities › Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas › Chapter 984 - Mexican Casualty Insurance Companies › Subchapter E. Regulation and Enforcement › Section 984.204. Authority to Revoke or Suspend Certificate of Authority

Sec. 984.204.  AUTHORITY TO REVOKE OR SUSPEND CERTIFICATE OF AUTHORITY.  The commissioner may revoke or suspend a Mexican casualty insurance company's certificate of authority under this chapter if the commissioner, after notice and an opportunity for a hearing, determines that the company, with neglect and wilful disregard, systematically failed to comply with obligations derived from insurance policies issued in this state and the laws applicable to those policies.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.001. Applicability of Subchapter

Sec. 1101.001.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies to a life insurance policy:
(1)  issued or delivered in this state;  or
(2)  issued by a life insurance company organized under the laws of this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.002. Policy Provisions Required

Sec. 1101.002.  POLICY PROVISIONS REQUIRED.  (a)  Except as provided by this section, a life insurance policy must contain provisions that are substantially the same as the provisions required by this subchapter.
(b)  A single premium life insurance policy is not required to contain a provision under this subchapter to the extent that the provision is not applicable to a single premium insurance policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.003. Entire Contract

Sec. 1101.003.  ENTIRE CONTRACT.  A life insurance policy must provide that the policy or the policy and the application for the policy constitute the entire contract between the parties.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.204(a), (b), eff. Sept. 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.004. Premiums Payable in Advance

Sec. 1101.004.  PREMIUMS PAYABLE IN ADVANCE.  A life insurance policy must provide that all premiums are payable in advance at the home office of the company that issues the policy or to an agent of the company on delivery of a receipt signed by at least one of the company officers designated in the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.005. Grace Period

Sec. 1101.005.  GRACE PERIOD.  (a)  Except as provided by Subsection (b), a life insurance policy:
(1)  must contain a provision for a grace period of at least one month for the payment of each premium after the first payment during which the policy remains in force;  and
(2)  may:
(A)  provide for an interest charge on a premium paid during a grace period;  or
(B)  provide that if an insured dies during a grace period the overdue premium will be deducted from any settlement made under the policy.
(b)  The commissioner by rule may require a life insurance policy issued under Section 884.402(3) to contain a grace period that is longer than the grace period required by this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.006. Incontestability

Sec. 1101.006.  INCONTESTABILITY.  (a)  Except as provided by Subsection (b), a life insurance policy must provide that a policy in force for two years from its date of issue during the lifetime of the insured is incontestable, except for nonpayment of premiums.
(b)  At the option of the company, a life insurance policy may provide that the policy may be contested at any time for violation of policy conditions relating to naval and military service in a time of war.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.007. Statements of Insured

Sec. 1101.007.  STATEMENTS OF INSURED.  A life insurance policy must provide that, in the absence of fraud, a statement made by an insured is considered a representation and not a warranty.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.008. Adjustment of Amount Payable if Age of Insured Is Understated

Sec. 1101.008.  ADJUSTMENT OF AMOUNT PAYABLE IF AGE OF INSURED IS UNDERSTATED.  A life insurance policy must provide that if the age of an insured has been understated, the amount payable under the policy is the amount that the premium paid would have purchased if the insured's age had been stated correctly.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.009. Policy Loans

Sec. 1101.009.  POLICY LOANS.  (a)  The following policies are not required to comply with this section:
(1)  a term life insurance policy;
(2)  a pure endowment contract issued or granted:
(A)  as an original contract;  or
(B)  in exchange for a lapsed or surrendered policy;  or
(3)  a policy that does not provide for cash values or nonforfeiture values and that meets the requirements of Section 884.403(b).
(b)  A life insurance policy must provide that the company that issues the policy will loan to the policy owner at a specified interest rate an amount equal to the sum of the policy's cash value and any dividend additions to the policy, or, at the policy owner's option, an amount less than that sum, if:
(1)  the policy is in force;
(2)  the premiums for the policy have been paid for at least three full years;  and
(3)  the policy is properly assigned.
(c)  A life insurance policy must also provide that:
(1)  a policy loan is secured only by the policy;
(2)  the company may deduct from a policy loan the sum of the amount of existing debt on the policy and the balance of unpaid premiums for the current policy year;
(3)  the company may collect in advance interest on the policy loan to the end of the current policy year;  and
(4)  failure to repay the policy loan or interest on the loan does not void the policy until the total amount owed under the loan equals or exceeds the policy's cash value.
(d)  A life insurance policy may provide that a policy loan may be deferred for a period not to exceed six months after the date the application for the loan is made.
(e)  A life insurance policy may not require a prerequisite to a policy loan if the prerequisite is not required or authorized by this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.010. Nonforfeiture Benefits and Cash Surrender Values in General

Sec. 1101.010.  NONFORFEITURE BENEFITS AND CASH SURRENDER VALUES IN GENERAL.  A life insurance policy must provide nonforfeiture benefits, including cash surrender values, in accordance with:
(1)  Subchapter D;  or
(2)  Chapter 1105, for a policy issued on or after the date determined under Section 1105.002(a) or (b), as applicable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.011. Time for Settlement of Claim

Sec. 1101.011.  TIME FOR SETTLEMENT OF CLAIM.  (a)  Except as provided by Subsection (b), a life insurance policy must provide that settlement under the policy after the death of the insured will be made not later than two months after the date of receipt of proof of:
(1)  the death; and
(2)  the right of the claimant to the proceeds of the policy.
(b)  A private placement contract issued under Section 1152.110 may provide that:
(1)  settlement of that portion of the contract attributable to separate account assets is subject to the liquidity of those assets; and
(2)  the portion of the contract described by Subdivision (1) must be settled by the insurer when the separate account assets are converted to cash under any applicable terms, which may be a period longer than the two-month period described by Subsection (a).
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 737 (H.B. 2765), Sec. 2, eff. September 1, 2007.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.012. Table of Installments of Proceeds

Sec. 1101.012.  TABLE OF INSTALLMENTS OF PROCEEDS.  A life insurance policy that provides that the policy proceeds are payable in installments must include a table that shows the amount of the installments.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter A. Required Policy Provisions › Section 1101.013. Statement of Maximum Amount Payable Under Family Group Life Insurance Policy

Sec. 1101.013.  STATEMENT OF MAXIMUM AMOUNT PAYABLE UNDER FAMILY GROUP LIFE INSURANCE POLICY.  A family group life insurance policy must clearly state:
(1)  the maximum amount that is payable to the payee in the policy on the death of an insured or insureds;  and
(2)  any terms under which an amount other than the maximum amount of the policy is payable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
2023 Texas Statutes › Insurance Code › Title 7 - Life Insurance and Annuities › Subtitle A - Life Insurance in General › Chapter 1101 - Life Insurance › Subchapter B. Prohibited Policy Provisions › Section 1101.051. Applicability of Subchapter

Sec. 1101.051.  APPLICABILITY OF SUBCHAPTER.  Unless otherwise provided by this subchapter, this subchapter applies to a life insurance policy:
(1)  issued or delivered in this state;  or
(2)  issued by a life insurance company organized in this state.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.