Texas Insurance Code 941.102 – Application for Certificate of Authority
(a) The attorney in fact shall file with the department a verified application for a certificate of authority that states:
(1) the name of the attorney in fact;
(2) the name under which the Lloyd’s plan will engage in the business of insurance;
(3) the names and addresses of the underwriters;
(4) the location of the principal office; and
(5) the kinds of insurance to be written.
(b) The application must be accompanied by:
(1) a copy of each form of policy or contract under which insurance will be written;
(2) a copy of the form of the power of attorney under which the attorney in fact will act for and bind the underwriters;
(3) a copy of the articles of agreement executed by the underwriters and the attorney in fact;
(4) a financial statement showing in detail:
(A) assets held by the attorneys in fact, committee of underwriters, trustees, or other officers of the Lloyd’s plan;
(B) liabilities incurred and outstanding; and
(C) income received and disbursements made by the attorney in fact;
(5) an instrument executed by each underwriter authorizing the attorney in fact to accept service of process for each underwriter in any action on a policy or contract of insurance; and
(6) an instrument from the attorney in fact that delegates to the department the power of the attorney in fact to accept service of process.
Terms Used In Texas Insurance Code 941.102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Service of process: The service of writs or summonses to the appropriate party.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) On filing the application, the attorney in fact shall pay to the department a fee of $10. A fee collected under this subsection shall be deposited to the credit of the Texas Department of Insurance operating account.
(d) Sections 201.001 and 201.002 apply to a fee collected under Subsection (c).