Texas § IN.885.202 - ADMISSION OF FOREIGN FRATERNAL BENEFIT SOCIETY

§ IN.885.202. ADMISSION OF FOREIGN FRATERNAL BENEFIT SOCIETY

ADMISSION OF FOREIGN FRATERNAL BENEFIT SOCIETY. (a) To engage in business in this state, a foreign fraternal benefit society described by Section 885.201 must: (1) have the qualifications required of a domestic fraternal benefit society under this chapter; and (2) have its assets invested as required by the laws of the state, territory, district, province, or country in which the society is organized. (b) A foreign fraternal benefit society described by Section 885.201 is entitled to a certificate of authority to engage in business in this state on filing with the department: (1) a certified copy of the society's charter or articles of association; (2) a copy of the fraternal benefit society's laws, certified by its secretary or corresponding officer; (3) a statement of the society's business; (4) a certificate from the proper official in the society's home state, province, or country showing that the society is legally organized; (5) a copy of the society's benefit contract; (6) information showing that the society's assets are invested as required by Subsection (a)(2); and (7) additional information the commissioner considers necessary to demonstrate the society's business and method of operation. (c) A statement of business filed by a foreign fraternal benefit society under Subsection (b)(3) must: (1) be under oath of the society's president and secretary or corresponding officers; (2) be in the form required by the commissioner; and (3) be verified by an examination made by the supervising insurance official of the society's home state or another state satisfactory to the commissioner. (d) A benefit contract filed by a foreign fraternal benefit society under Subsection (b)(5) must show that benefits are provided for by premiums paid by persons holding similar contracts. (e) The commissioner shall issue a certificate of authority to a foreign fraternal benefit society that complies with Subsection (b). Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.