Texas Insurance Code

§ 1115.101 — MITIGATION

IN § 1115.101Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1115. SUITABILITY OF CERTAIN ANNUITY TRANSACTIONS · Art. C. MITIGATION; ENFORCEMENT

Statute text

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An insurer is responsible for compliance with this chapter. If a violation occurs because of the action or inaction of the insurer or the insurer's agent, the commissioner may:

(1)order:

(A)the insurer to take reasonable appropriate corrective action for any consumer harmed by a failure to comply with this chapter by the insurer, the insurer's agent, or an entity contracted to perform the insurer's supervisory duties; or

(B)a general agency, independent agency, or the agent to take reasonably appropriate corrective action for any consumer harmed by the agent's violation of this chapter; and

(2)impose appropriate sanctions as provided by Section 1115.102. Added by Acts 2007, 80th Leg., R.S., Ch. 736 (H.B. 2761), Sec. 1, eff. September 1, 2007. Amended by:

Legislative history

Acts 2011, 82nd Leg., R.S., Ch. 1156 (H.B. 2277), Sec. 14, eff. September 1, 2011. Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 17, eff. September 1, 2021.