Tex. Insurance Code § 822.058
This is the official text of Tex. Insurance Code § 822.058, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 822.058. ACTION BY COMMISSIONER AFTER FILING OF APPLICATION FOR CHARTER.
Official statutory text
(a) Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(2), eff.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.
(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.
Status: repealed · Read it on the official government site
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