Texas Insurance Code 887.006 – Construction
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(a) This chapter does not:
(1) enlarge the powers or rights of any association;
(2) enlarge the scope of an association’s legal or corporate existence; or
(3) authorize the creation of any association or corporation to engage in the business of insurance described by Section 887.003(b) if that creation is not specifically permitted by law.
(b) The laws prohibiting or limiting creation of an association and the exercise of corporate power are not affected by this chapter.
Terms Used In Texas Insurance Code 887.006
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.