Texas Insurance Code 2551.102 – Issuance of Certificate of Authority
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(a) Subject to Subsection (c), the department shall issue a certificate of authority to engage in the business of title insurance if, following any examination the department considers proper, the department makes a determination favorable to the title insurance company with respect to:
(1) the payment of capital stock and surplus as required by this title; and
(2) the value of the assets used to pay the capital stock and surplus.
(b) The title insurance company shall pay the expense of any examination conducted under Subsection (a).
Terms Used In Texas Insurance Code 2551.102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) Issuance of a certificate of authority to a foreign corporation is governed by Section 2553.001.