Texas Insurance Code

§ 441.053 — NOTICE TO INSURER

IN § 441.053Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 441. SUPERVISION AND CONSERVATORSHIP · Art. B. DETERMINATION AND NOTICE

Statute text

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(a)If at any time the commissioner determines that an insurer is insolvent, has exceeded the insurer's powers, or has otherwise failed to comply with the law, the commissioner shall:

(1)notify the insurer of that determination;

(2)provide to the insurer a written list of the commissioner's requirements to abate the conditions on which that determination was based; and

(3)if the commissioner determines that the insurer requires supervision, notify the insurer that the insurer is under the commissioner's supervision and that the commissioner is invoking this chapter.

(b)The commissioner may provide the notice and information to an insurer that agrees to supervision.

(c)The insurer shall comply with the commissioner's requirements.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.