Texas Insurance Code

§ 887.102 — EXEMPT ASSOCIATION; PERMIT

IN § 887.102Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. C. AUTHORITY TO ENGAGE IN BUSINESS

Statute text

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(a)An association is not required to hold a certificate of authority under Section 887.101 if the association:

(1)limits its membership to:

(A)the employees and the families of employees of a particular designated firm, corporation, or individual; or

(B)borrowers of a federal agency in this state and members of the borrower's immediate family who are living with the borrower and are not engaged in nonfarm work for their chief income;

(2)has been in existence for at least five years;

(3)is not operated for profit; and

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Legislative history

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