Texas Insurance Code

§ 822.157 — ACTION BY COMMISSIONER AFTER FILING OF APPLICATION FOR CHARTER AMENDMENT

IN § 822.157Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. D. MANAGEMENT OF COMPANY

Statute text

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(a)The commissioner may hold a hearing on an application for a charter amendment. If the commissioner determines to hold a hearing on the application, the commissioner, after the items required for the charter amendment are filed with the commissioner, shall set a date for the hearing and publish notice of the hearing in one or more daily newspapers of this state.

(b)The commissioner may not require a hearing for an amendment relating to one or more of the following issues:

(1)a stock dividend resulting from a legal transfer of surplus to capital;

(2)a change in the name of the insurance company; or

(3)a change in the location of the insurance company's principal business office.

Legislative history

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