A county mutual insurance company may engage in the business of insurance in accordance with this chapter and other applicable laws only if:

1. (1) the company was formed before September 6, 1955, and was actively engaged in the business of insurance on that date; or
2. (2) the company was formed under a permit to solicit insurance issued before September 6, 1955.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.