Sec. 885.159. TERMINATION OF AUTHORITY UNDER PRELIMINARY CERTIFICATE OF AUTHORITY. (a) Unless a fraternal benefit society has qualified under this subchapter, a preliminary certificate of authority granted under Section 885. 157 is void on the first anniversary of the date the certificate is issued.
(b) The department, on cause shown, may extend the period prescribed by Subsection (a). An extension may not exceed one year.
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 885 - Fraternal Benefit Societies
Subchapter D. Authority to Engage in Business
Section 885.152. Eligibility to Provide Benefits
Section 885.153. Filing of Articles of Incorporation or Association
Section 885.154. Name of Fraternal Benefit Society
Section 885.155. Purposes of Fraternal Benefit Society
Section 885.157. Issuance of Preliminary Certificate of Authority
Section 885.158. Powers and Duties Under Preliminary Certificate of Authority; Qualification
Section 885.159. Termination of Authority Under Preliminary Certificate of Authority