Texas Insurance Code

§ 885.159 — TERMINATION OF AUTHORITY UNDER PRELIMINARY CERTIFICATE OF AUTHORITY

IN § 885.159Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 885. FRATERNAL BENEFIT SOCIETIES · Art. D. AUTHORITY TO ENGAGE IN BUSINESS

Statute text

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(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.

Legislative history

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