SECTION 7.502. General Requirements

The applicant is required to comply with the following.

(1) Fees. Submit such other fees as are required by law.

(2) Certificate of authority. The applicant must submit an application for a certificate of authority. The commissioner of insurance will provide forms for this purpose (see §7.507(a) of this title (relating to Forms Incorporated by Reference)). The applicant must submit a certified copy of the certificate of authority issued by its state of domicile.

(3) Documents required by law. The applicant must submit all documents required by law. The commissioner will provide a listing of these documents.

(4) Financial condition. The applicant must satisfy the agency that its financial condition is such that it meets the requirements of applicable law. The commissioner will provide a listing of these requirements. It also must submit the latest examination report certified under original seal by the proper state official of its home state.

(5) Officers, directors, and other executives. The applicant must submit information which demonstrates in a credible fashion that its officers, directors, and other executives are fit, competent, and possess a good reputation such that the officers, directors, and other executives meet the requirements of law. The commissioner will provide forms to the applicant to be completed to facilitate this purpose (see §7.507(b) of this title (relating to Forms Incorporated by Reference)).

(6) Agent for service. The applicant must appoint, if required by law, an agent in Texas for acceptance on its behalf of service of process in any legal action in which it is involved. The commissioner will provide forms for this purpose (see §7.507(c) of this title (relating to Forms Incorporated by Reference)).

(7) Certification of deposit. The applicant must submit a certification of deposits held by any other state where applicable and required by law.

(8) Plan of operation in Texas. The applicant must submit a detailed written statement of its plan for operation in Texas.

Source Note: The provisions of this §7.502 adopted to be effective October 19, 1982, 7 TexReg 3581.