Sec. 883.103.  AUTHORIZATION OF FOREIGN MUTUAL INSURANCE COMPANY TO ENGAGE IN BUSINESS.  (a)  The department shall authorize a foreign mutual insurance company to write the kinds of insurance authorized by the company's charter or articles of incorporation in this state if the company:
(1)  is solvent as determined under this chapter;
(2)  files with the department:
(A)  a copy of the company's bylaws certified by the company's secretary;  and
(B)  a certified copy of the company's charter or articles of incorporation;
(3)  appoints the commissioner as the company's agent for service of process as provided by Chapter 804;
(4)  files a financial statement under oath in a form as required by the department;  and
(5)  complies with legal requirements applicable to the filing of documents and the furnishing of information by a stock insurance company that files an application with the department for authority to transact the same kind of insurance as the company.
(b)  A foreign mutual insurance company's name may not be so similar to a name of a mutual insurance company or foreign mutual insurance company organized or authorized to engage in business in this state that it is confusing or misleading.
(c)  A foreign mutual insurance company authorized to engage in the business of insurance under this section has, to the same extent, all of the powers granted to and privileges of a mutual insurance company organized and operating under this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.