Application for Extension of Charter; Term

• Currency: Current with legislation from the 2023 Regular Session effective as of June 19, 2023
• Citation: Tex. Ins. Code § 912.061

(a) Before a county mutual insurance company's charter or extension of the charter expires, the company may apply to the department for an extension of the charter for a term of 50 years from the date the charter would otherwise expire.

(b) The application for an extension must:

(1) demonstrate that the application was authorized either by a two-thirds vote of the company's directors or by a majority vote at a policyholders' meeting;