Texas Insurance Code

§ 1111A.004 — LICENSE SUSPENSION, REVOCATION, OR REFUSAL TO RENEW

IN § 1111A.004Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1111A. LIFE SETTLEMENT CONTRACTS

Statute text

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(a)The commissioner may suspend, revoke, or refuse to renew the license of a license holder if the commissioner finds that:

(1)there was a material misrepresentation in the application for the license;

(2)the license holder or an officer, partner, member, or director of the license holder has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent to act as a license holder;

(3)the license holder is a provider and demonstrates a pattern of unreasonably withholding payments to policy owners;

(4)the license holder no longer meets the requirements for initial licensure;

(5)the license holder or any officer, partner, member, or director of the license holder has been convicted of a felony, or of any misdemeanor with respect to which criminal fraud is an element, or has pleaded guilty or nolo contendere with respect to a felony or a misdemeanor with respect to which criminal fraud or moral turpitude is an element, regardless of whether a judgment of conviction has been entered by the court;

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Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 3, eff. September 1, 2011.