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Texas Laws | Insurance Code
INSURANCE CODE
TITLE 11. TITLE INSURANCE

(b) Notice under this section must: (49391)

(1) be in writing; and (49392)

(2) be delivered to an executive officer of the company by personal service or by registered mail. (49393)

(c) If a company receiving notice under this section does not fully comply before the expiration of the period described by Subsection (a), the commissioner shall revoke the company's certificate of authority. (49394)

(d) A company whose certificate of authority is revoked under this section is ineligible for another certificate of authority until the later of: (49395)

(1) the date on which the company fully and in good faith complies; or (49396)

(2) the first anniversary of the date of the revocation. (49397)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49398)

Sec. 2551.354. APPEAL OF COMMISSIONER ACTION. (49399)(Text)

(a) A company qualified or seeking to qualify under this title and aggrieved by an action of the commissioner, including any action against the company, may file an appeal of the commissioner's action in a district court in Travis County. (49400)

(b) The appeal must be filed not later than the 30th day after the date the commissioner issues the order or ruling, except that if the order or ruling is directed against the company, whether or not directed against any other party, the company has 30 days after the date of receipt of official notice of the commissioner's action to review the action. (49401)

(c) An appeal under this section is subject to the same standard of review as an appeal under this code in accordance with Section 36.203. (49402)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49403)

CHAPTER 2553. FOREIGN OR ALIEN CORPORATIONS (49404)(Text)

Sec. 2553.001. AUTHORITY TO ENGAGE IN BUSINESS OF TITLE INSURANCE. (49405)(Text)

(a) A corporation organized under the laws of another state may engage in the business of title insurance in this state on exactly the same basis and is subject to the same rules, prices, and supervision as provided for a corporation that is organized under the laws of this state and engaged in the business of title insurance under this title. (49406)

(b) To engage in the business of title insurance in this state, a foreign corporation must file with the department: (49407)

(1) an application for a permit or certificate of authority; and (49408)

(2) a financial statement demonstrating the condition of the corporation. (49409)

(c) The department shall prescribe the form of the application and financial statement. (49410)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49411)

Sec. 2553.002. CAPITAL AND SURPLUS REQUIREMENTS. (49412)(Text)

(a) A foreign corporation may not engage in the business of title insurance in this state unless the corporation has unimpaired capital in an amount of at least $1 million and a surplus in an amount of at least $1 million. (49413)

(b) The foreign corporation must demonstrate the required capital and surplus from its financial statement and any other examination the department may want to conduct. (49414)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49415)

Sec. 2553.003. TAXES AND FEES. (49416)(Text)

(a) A corporation organized and incorporated under the laws of another state, territory, or country for the purpose of engaging in the business of title insurance shall pay the same filing fees and occupation tax as a foreign casualty company is required to pay to obtain a permit to engage in the business of insurance in this state. (49417)

(b) A foreign title insurance company described by Subsection (a) is not required to pay a franchise tax. (49418)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49419)

SUBTITLE C. FINANCIAL SOLVENCY (49420)(Text)

CHAPTER 2601. SUPERVISION, LIQUIDATION, REHABILITATION, REORGANIZATION, OR CONSERVATION OF TITLE INSURANCE COMPANIES AND AGENTS (49421)(Text)

Sec. 2601.001. SUPERVISION, LIQUIDATION, REHABILITATION, REORGANIZATION, OR CONSERVATION OF TITLE INSURANCE COMPANIES AND AGENTS. (49422)(Text)

Each title insurance agent and title insurance company is subject to Chapters 441 and 443. (49423)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49424)

Amended by: (49425)

Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2I.003, eff. April 1, 2009. (49426)

CHAPTER 2602. TEXAS TITLE INSURANCE GUARANTY ASSOCIATION (49427)(Text)

Sec. 2602.001. SHORT TITLE. (49428)(Text)

This chapter may be cited as the Texas Title Insurance Guaranty Act. (49429)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005. (49430)

Sec. 2602.002. PURPOSES AND FINDINGS. (49431)(Text)

(a) This chapter is for: (49432)

(1) the purposes and findings stated in Sections 441.001, 441.003, 441.005, and 441.006; (49433)

(2) the protection of holders of covered claims; and (49434)

(3) the protection of consumers served by impaired agents. (49435)

(b) This chapter and the powers granted and functions authorized by this chapter shall be exercised to accomplish the purposes of this chapter. (49436)

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