Tex. Ins. Code § 4007.002

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 4007.002 - Notice to Department Required

(a) On forms prescribed by the commissioner, an insurance company shall notify the department not later than the 30th day after the date on which:

(1) balances due from an insurance agent for more than 90 days exceed $1 million or 10 percent of the company's policyholder surplus computed on December 31 of the preceding year or the most recent quarter if a report is specifically required by the department;

(2) an agent's authority to settle claims for the company is withdrawn; or

(3) the contract with an agent is canceled or terminated.

(b) An insurance company may comply with the notification requirement of Subsection (a)(1) by submitting a single annual report if:

(1) the company routinely operates above the limit established by Subsection (a)(1); and

(2) the commissioner verifies that fact under a procedure adopted by the commissioner.

Tex. Ins. Code § 4007.002

Added by Acts 2007, 80th Leg., R.S., Ch. 730, Sec. 1I.001, eff. 4/1/2009.