§ 911.055 — APPLICATION FOR PERMIT TO SOLICIT INSURANCE.

Texas § 911.055

• Jurisdiction: Texas
• Code IN: Insurance Code

Text

Sec. 911.055. APPLICATION FOR PERMIT TO SOLICIT INSURANCE. (a) At least 10 residents described by Section 911.054 (a) that want to form a farm mutual insurance company may apply to the department for a permit to solicit insurance on the mutual or cooperative plan.
(b) The application for a permit to solicit insurance must:
(1) state:
(A) that at least 100 individuals are members of an association described by Section 911.053 (b)(1);
(B) that the association has indicated, by majority vote, that the association wants to:
(i) insure property of the association's members under this chapter; and
(ii) be chartered as a farm mutual insurance company;
(C) the name of the company, which must include the words "Farm Mutual" or "Farmers Mutual";
(D) the location of the company's principal office;
(E) the risks the company proposes to insure; and
(F) the names and places of residence of at least 10 of the applicants; and
(2) be accompanied by:
(A) affidavits of at least two of the applicants, each of whom must:
(i) state the applicant's name and residence; and
(ii) verify the facts stated in the application; and
(B) a filing fee in the amount of $25.

Legislative History

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.