Texas Insurance Code 881.051 – Authority to Act as Statewide Mutual Assessment Company
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Terms Used In Texas Insurance Code 881.051
- 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.
A corporation may engage in business as a statewide mutual assessment company only if the corporation:
(1) was incorporated in this state under a law that was amended, repealed, or reenacted before June 20, 1933;
(2) was engaged in business as a statewide mutual assessment company in this state on December 31, 1932;
(3) does not have capital stock; and
(4) is not for profit.