Texas Insurance Code Title 6, Chapter 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 883.001 - Definitions
In this chapter: (1) "Domestic mutual insurance company" means a mutual insurance company organized under this chapter. (2) "Foreign mutual insurance company" means a mutual...
- Texas Section 883.002 - Applicability Of Certain General Laws
(a) Except as otherwise provided by law, domestic and foreign mutual insurance companies organized or operating under this chapter are subject to the laws applicable...
SUBCHAPTER B FORMATION, STRUCTURE, AND MANAGEMENT OF COMPANY
- Texas Section 883.003 - Applicability Of Texas Non-profit Corporation Act
Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to...
- Texas Section 883.051 - Formation Of Company
(a) Twenty or more persons, a majority of whom are residents of this state, may incorporate in accordance with this chapter to engage in the...
- Texas Section 883.052 - Articles Of Incorporation
Articles of incorporation of a proposed mutual insurance company must specify: (1) the name of the company; (2) the purpose for which the company is...
- Texas Section 883.053 - Company's Name
(a) The name of a mutual insurance company must contain the word "mutual." (b) A mutual insurance company's name may not be so similar to...
- Texas Section 883.054 - Location Of Principal Or Home Office
The principal or home office of a mutual insurance company must be located in this state. Added by Acts 2001, 77th Leg., ch. 1419, Sec....
- Texas Section 883.055 - Beginning Of Corporate Existence
The corporate existence of a mutual insurance company begins on the date on which the commissioner issues a certificate of authority to the company. Added...
- Texas Section 883.056 - Board Of Directors
(a) The board of directors named in a mutual insurance company's articles of incorporation shall manage the company until the initial meeting of the members...
- Texas Section 883.057 - Membership Of Public Or Private Entities In Company Authorized
(a) Any public or private corporation, board, association, or estate may make an application for, enter into an agreement for, or hold a policy in...
SUBCHAPTER C AUTHORITY TO ENGAGE IN BUSINESS IN THIS STATE
- Texas Section 883.058 - Membership Votes
Each member of a mutual insurance company is entitled to one vote on each matter submitted to a vote unless a different number of votes...
- Texas Section 883.101 - Mutual Insurance Business
Mutual insurance of any kind may not be written in this state except as authorized by this chapter or any other law. Added by Acts...
- Texas Section 883.102 - Charter And Certificate Of Authority Required
A domestic mutual insurance company may not engage in the business of insurance until: (1) the company obtains a charter as provided by Chapter 822;...
SUBCHAPTER D POWERS, DUTIES, AND OPERATION OF COMPANY
- Texas Section 883.103 - Authorization Of Foreign Mutual Insurance Company To Engage In Business
(a) The department shall authorize a foreign mutual insurance company to write the kinds of insurance authorized by the company's charter or articles of incorporation...
- Texas Section 883.151 - Authority To Write Certain Insurance
A domestic mutual insurance company may write any kind of insurance that may be lawfully written in this state, other than life insurance. Added by...
- Texas Section 883.152 - Prior Authority Not Affected
This chapter does not affect any authority that existed before September 6, 1955, that allowed mutual insurance companies to write non-assessable policies in this state,...
- Texas Section 883.153 - Policy Rates
A mutual insurance company operating under this chapter shall charge the insurance rates prescribed by the commissioner and is subject to the same rate requirements...
- Texas Section 883.154 - Maximum Premiums
(a) The maximum premium of an insurance policy issued by a domestic mutual insurance company must be stated in the policy. (b) A policy's maximum...
- Texas Section 883.155 - Issuance Of Policy For Cash Premium Only
(a) A domestic mutual insurance company may not issue an insurance policy for a cash premium only unless: (1) the company possesses surplus above all...
- Texas Section 883.156 - Assessment On Policyholders
(a) A policyholder is not liable for an assessment imposed on a policy issued by a mutual insurance company with approval of the commissioner under...
- Texas Section 883.157 - Reinsurance Of Policy
(a) Subject to Subsection (c), a mutual insurance company authorized to engage in the business of insurance in this state may enter into an agreement...
- Texas Section 883.158 - Requirements For Companies Writing Bonds
A mutual insurance company qualifying to write bonds under this chapter is subject to the same legal requirements as any other insurance company writing bonds...
- Texas Section 883.159 - Necessary Or Incidental Powers
A domestic mutual insurance company has such powers as are necessary or incidental to the transaction of its business. Added by Acts 2001, 77th Leg.,...
- Texas Section 883.160 - Rights And Privileges Of Certain Companies Retained
A mutual insurance company engaged in business under Chapters 5, 9, 12, 13, 14, and 15, Title 78, Revised Statutes, before their repeal by Section...
- Texas Section 883.161 - Dividends
On advance approval of the commissioner, a mutual insurance company may pay dividends to its members. Added by Acts 2001, 77th Leg., ch. 1419, Sec....
- Texas Section 883.162 - Loans To Company
(a) A person, including a director, officer, or member of a mutual insurance company, may loan to the company money necessary: (1) for the company...
SUBCHAPTER E REGULATION OF COMPANY
- Texas Section 883.163 - Immediate Notification When Assets Are Insufficient; Examination
The president and the secretary of a mutual insurance company operating under the law providing for the incorporation of mutual fire, lightning, hail, and storm...
- Texas Section 883.201 - Surplus Requirements
A domestic mutual insurance company must possess a surplus over and above all liabilities in an amount equal to the minimum capital stock and surplus...
- Texas Section 883.202 - Required Deposit For Companies Writing Bonds
(a) A domestic mutual insurance company that writes fidelity and surety bond coverage shall maintain on deposit with the comptroller cash or securities of the...
- Texas Section 883.203 - Reserves
(a) A domestic mutual insurance company shall maintain unearned premiums and other reserves separately for each kind of insurance. The reserves must be maintained on...
- Texas Section 883.204 - Annual Report
(a) Domestic and foreign mutual insurance companies organized or operating under this chapter shall submit to the commissioner an annual report in the form required...
- Texas Section 883.205 - Examination Of Foreign Mutual Insurance Company
To the extent practicable, an examination of a foreign mutual insurance company must be conducted in cooperation with the insurance departments of other states in...
- Texas Section 883.206 - Fees
Each domestic or foreign mutual insurance company organized or operating under this chapter is subject to a fee imposed by law on a stock insurance...
SUBCHAPTER O CRIMINAL PENALTIES
- Texas Section 883.207 - Premium Tax
Each domestic or foreign mutual insurance company organized or operating under this chapter is subject to taxes imposed by law on that company. The company...
- Texas Section 883.701 - Violation Of Chapter
(a) Except as otherwise provided by this subchapter, a person or corporation commits an offense if the person or corporation violates this chapter. (b) An...
- Texas Section 883.702 - Failure To Report Condition
(a) A person commits an offense if the person is a president or secretary described by Section 883.163 and the person fails to make the...
- Texas Section 883.703 - False Statement Or Misappropriation
(a) A person commits an offense if the person intentionally submits a false statement or misappropriates the funds of a mutual insurance company organized under...
- Texas Section 883.704 - Unauthorized Mutual Fire Insurance
(a) A person commits an offense if the person engages in the business of mutual fire insurance in this state in violation of the laws...
Last modified: September 28, 2016