Texas Insurance Code

§ 881.052 — APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT

IN § 881.052Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 881. STATEWIDE MUTUAL ASSESSMENT COMPANIES · Art. B. STRUCTURE AND OPERATION OF STATEWIDE MUTUAL ASSESSMENT COMPANIES

Statute text

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(a)Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a statewide mutual assessment company. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to statewide mutual assessment companies.

(b)On advance approval of the commissioner, a statewide mutual assessment company may pay dividends to its members.

Legislative history

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