Texas Insurance Code - Not Codified - Article 4.53. Certification
Legal Research Home >
Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Article 4.53. Certification
Art. 4.53. CERTIFICATION. (a) The comptroller by rule shall
establish the application procedures for certified capital
companies.
(b) An applicant must file an application in the form
prescribed by the comptroller accompanied by a nonrefundable
application fee of $7,500. The application must include an audited
balance sheet of the applicant, with an unqualified opinion from an
independent certified public accountant, as of a date not more than
35 days before the date of the application.
(c) To qualify as a certified capital company:
(1) the applicant must have, at the time of application for
certification, an equity capitalization of at least $500,000 in the
form of unencumbered cash or cash equivalents;
(2) at least two principals or persons employed to manage
the funds of the applicant must have at least four years of
experience in the venture capital industry; and
(3) the applicant must satisfy any additional requirement
imposed by the comptroller by rule.
(d) The comptroller shall review the application,
organizational documents, and business history of each applicant
and shall ensure that the applicant satisfies the requirements of
this subchapter.
(e) Not later than the 30th day after the date an
application is filed, the comptroller shall:
(1) issue the certification; or
(2) refuse to issue the certification and communicate in
detail to the applicant the grounds for the refusal, including
suggestions for the removal of those grounds.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 3.51-7 3.56 3.70-3D 4.01 4.11A 4.51 4.52 4.53 4.54 4.55 4.56 4.57 4.58 4.59 4.60
Last modified: August 11, 2007
|
