(a) An insurance company that complies with this chapter may issue an insurance policy described by Subsection (b) as a Mexican casualty insurance company if the company is:
(1) organized under the laws of the United Mexican States or any state of that nation; and
(2) authorized to write insurance policies described by Subsection (b) by those laws, the company's charter or articles of association, and a license that is in effect and that is issued by the appropriate insurance regulatory authority of the United Mexican States or any state of that nation.
(b) A Mexican casualty insurance company described by Subsection (a) may issue in this state an insurance policy only if the policy:
(1) provides automobile coverage or accident or other casualty insurance coverage on a person or personal property; and
(2) is in effect only while the person or property covered by the policy is within the boundaries of the United Mexican States.