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Corporations formed or organized to save any person or persons or other corporations harmless from loss, damage, or liability from any unknown or future or contingent event, or to indemnify or to compensate any person or persons or other corporations for any such loss, damage, or liability, or to guarantee the performance of or compliance with contractual obligations or the payment of debt of others. It must have (1) sufficient capital and assets required under the Insurance
Code and pertinent regulations issued by the Commission, and (2) a certificate of authority to
operate issued by the Insurance Commission which should be renewed every year.
Code and pertinent regulations issued by the Commission, and (2) a certificate of authority to
operate issued by the Insurance Commission which should be renewed every year.
