CHAPTER 2553. FOREIGN OR ALIEN CORPORATIONS - Texas Statutes

INSURANCE CODE

TITLE 11. TITLE INSURANCE

SUBTITLE B. ORGANIZATION OF TITLE INSURANCE COMPANIES

CHAPTER 2553. FOREIGN OR ALIEN CORPORATIONS

Sec. 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.

Sec. 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.

Sec. 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.