Sec. 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 business of mutual insurance as provided by this chapter.
(b) To form a mutual insurance company, each incorporator must sign and acknowledge the articles of incorporation of the company.
(c) The incorporators of a proposed mutual insurance company are subject to Sections 822.001, 822.051, 822.057(a)(1)-(3), (b), and (c), 822.058(a), 822.059, 822.060, and 822.201, except that:
(1) the minimum number of persons required to adopt and sign the proposed company's articles of incorporation under Section 822.051 is equal to the number of the proposed company's incorporators as provided by Subsection (a); and
(2) the unencumbered surplus of the mutual insurance company is capital structure for purposes of Section 822.201.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 883 - Mutual Insurance Companies Other Than Mutual Life Insurance Companies
Subchapter B. Formation, Structure, and Management of Company
Section 883.051. Formation of Company
Section 883.052. Articles of Incorporation
Section 883.053. Company's Name
Section 883.054. Location of Principal or Home Office
Section 883.055. Beginning of Corporate Existence
Section 883.056. Board of Directors
Section 883.057. Membership of Public or Private Entities in Company Authorized