Tex. Ins. Code § 822.060 · Subchapter B. FORMATION AND STRUCTURE OF COMPANY
ACTION ON APPLICATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In considering the application, the commissioner shall determine if:
(1) the proposed capital structure of the company meets the requirements of this code;
(2) the proposed officers, directors, attorney in fact, or managing head of the company have sufficient insurance experience, ability, standing, and good record 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.
(c) If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application. On approval of an application, the articles of incorporation of the company shall be filed with the department.
(d) On the applicant's request, the commissioner shall hold a hearing on a denial. Not later than the 30th day after the date of the applicant's request for a hearing, the commissioner shall request a hearing date.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291), Sec. 6, eff. June 19, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.822.htm
- Text hash
- sha256 62b493b2d7ba6e5adf3c1960d696f5a03eff189dddc1fca6bc2dd1cf0728440f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 5 provisions
Provisions in this library whose text cites Tex. Ins. Code § 822.060. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 822.061ISSUANCE OF CHARTER.Printed as Section 822.060
- Tex. Ins. Code § 822.101CERTIFICATE OF AUTHORITY.Printed as Section 822.060
- Tex. Ins. Code § 861.102ISSUANCE OF CERTIFICATE OF AUTHORITY.Printed as Sections 822.051, 822.052, 822.053, 822.054, 822.057, 822.058, 822.059, 822.060, and 822.210
- Tex. Ins. Code § 941.003LIMITED EXEMPTION FROM INSURANCE LAWS; APPLICATION OF CERTAIN LAWS.Printed as Section 822.060 | Sections 822.051, 822.057, 822.058, 822.059, 822.060, and 822.201
- Tex. Ins. Code § 942.003LIMITED EXEMPTION FROM INSURANCE LAWS; APPLICABILITY OF CERTAIN LAWS.Printed as Section 822.060
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.