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Texas Insurance Code - Not Codified

§ 5.22 — PENALTIES

I1 § 5.22Title 1. THE INSURANCE CODE OF 1951 · Ch. 5. RATING AND POLICY FORMS · Art. B. CASUALTY INSURANCE AND FIDELITY, GUARANTY AND SURETY BONDS

Statute text

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(a)The Board may suspend the license of any advisory organization licensed under Article 5.73 of this code, insurer or agent which fails to comply with an order of the Board within the time limited by such order, or any extension thereof which the Board may grant. The Board shall not suspend the license of any advisory organization, agent or insurer for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if an appeal has been taken, until such order has been affirmed. The Board may determine when a suspension of license shall become effective and it shall remain in effect for the period fixed by it, unless it modifies or rescinds such suspension or until the order upon which such suspension is based is modified, rescinded or reversed.
(b)No license shall be suspended except upon a written order of the Board, stating its findings, made after a hearing held upon not less than ten (10) days' notice to such person or organization specifying the alleged violation.

Legislative history

Acts 1951, 52nd Leg., ch. 491. Amended by Acts 1991, 72nd Leg., ch. 242, Sec. 2.22, eff. Sept. 1, 1991.

Source: Texas Insurance Code - Not Codified § 5.22 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.