Law:Title 11. Title Insurance. Subtitle B. Organization Of Title Insurance Companies from Chapter 2553. Foreign Or Alien Corporations (Texas)

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Subtitle B. Organization Of Title Insurance Companies

Contents

Chapter 2553. Foreign Or Alien Corporations

Section  2553.001.  Authority To Engage In Business Of Title Insurance.

(a) A corporation organized under the laws of another state may engage in the business of title insurance in this state on exactly the same basis and is subject to the same rules, prices, and supervision as provided for a corporation that is organized under the laws of this state and engaged in the business of title insurance under this title.

(b)  To engage in the business of title insurance in this state, a foreign corporation must file with the department:

(1)  an application for a permit or certificate of authority; and

(2)  a financial statement demonstrating the condition of the corporation.

(c)  The department shall prescribe the form of the application and financial statement.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.



Section  2553.002.  Capital And Surplus Requirements.

(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.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.



Section  2553.003.  Taxes And Fees.

(a) A corporation organized and incorporated under the laws of another state, territory, or country for the purpose of engaging in the business of title insurance shall pay the same filing fees and occupation tax as a foreign casualty company is required to pay to obtain a permit to engage in the business of insurance in this state.

(b)  A foreign title insurance company described by Subsection (a) is not required to pay a franchise tax.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.


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