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Texas Insurance Code - INS § 912.061. Application for Extension of Charter;  Term

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.

(b) The application for an extension must:

(1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;

(2) state in full the charter to be extended;

(3) state the period for which the charter is to be extended;

(4) be signed and acknowledged by the president and secretary of the company;  and

(5) be accompanied by a fee of $50.

(c) A company whose charter is extended retains the rights, privileges, and immunities granted a county mutual insurance company by this chapter.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 912.061. Application for Extension of Charter;  Term - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-912-061/

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