Texas Insurance Code 2553.002 – Capital and Surplus Requirements
Current as of: 2024 | Check for updates
|
Other versions
(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.
(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.
Terms Used In Texas Insurance Code 2553.002
- 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.