Texas Insurance Code 4151.053 – Approval of Application
Terms Used In Texas Insurance Code 4151.053
- Fraud: Intentional deception resulting in injury to another.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
The commissioner shall approve an application for a certificate of authority to engage in business in this state as an administrator if the commissioner is satisfied that:
(1) granting the application would not violate a federal or state law;
(2) the financial condition of the applicant or of each person who would operate or control the applicant is such that granting a certificate of authority would not be adverse to the public interest;
(3) the applicant has not attempted to obtain the certificate of authority through fraud or bad faith;
(4) the applicant has complied with this chapter and rules adopted by the commissioner under this chapter; and
(5) the name under which the applicant will engage in business in this state is not so similar to that of another administrator or insurer that it is likely to mislead the public.