Texas Insurance Code

§ 911.053 — INCORPORATION REQUIREMENTS

IN § 911.053Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 911. FARM MUTUAL INSURANCE COMPANIES · Art. B. ORGANIZATION OF FARM MUTUAL INSURANCE COMPANY; DIRECTORS

Statute text

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(a)In this section, "separate risk" means one or more items of real property and the property's contents, if any, that is not exposed to any other property on which insurance is applied for in the association seeking the charter.

(b)To be granted a charter as a farm mutual insurance company, an association must:

(1)demonstrate that the association:

(A)has existed as an association of individuals for at least three years;

(B)has at least 100 individual members;

(C)operates for the purpose of membership recreation or welfare under a system of subordinate lodges, locals, or districts;

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Legislative history

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