Tex. Insurance Code § 882.058
This is the official text of Tex. Insurance Code § 882.058, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 882.058. ACTION ON APPLICATION.
Official statutory text
(a) In considering the application, the commissioner shall determine if:
(1) the minimum unencumbered surplus required by Section 882.055 is the bona fide property of the mutual life insurance company;
(2) the proposed officers, directors, and managing executives of the company have sufficient insurance experience, ability, and standing to make success of the proposed company probable; and
(3) the applicants are acting in good faith.
(b) If the commissioner determines that the applicant has not met the standards set out by Subsection (a), the commissioner shall deny the application in writing, giving the reason for the denial. An application may not be granted unless it is adequately supported by competent evidence.
(c) Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(6), eff. June 19, 2009.
(1) the minimum unencumbered surplus required by Section 882.055 is the bona fide property of the mutual life insurance company;
(2) the proposed officers, directors, and managing executives of the company have sufficient insurance experience, ability, and standing to make success of the proposed company probable; and
(3) the applicants are acting in good faith.
(b) If the commissioner determines that the applicant has not met the standards set out by Subsection (a), the commissioner shall deny the application in writing, giving the reason for the denial. An application may not be granted unless it is adequately supported by competent evidence.
(c) Repealed by Acts 2009, 81st Leg., R.S., Ch. 1022, Sec. 19(6), eff. June 19, 2009.
Status: repealed · Read it on the official government site
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