Texas Insurance Code 964.106 – Subscriber Declaration
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Terms Used In Texas Insurance Code 964.106
- Quorum: The number of legislators that must be present to do business.
A captive exchange shall file with the department a subscriber declaration that includes:
(1) the information described by Section 942.053;
(2) the amount of the captive exchange’s initial surplus; and
(3) a provision to authorize a quorum of the governing body of the captive exchange’s attorney in fact to consist of not fewer than one-third of the fixed number of members of the governing body.