Texas Insurance Code

§ 801.152 — REVOCATION OF CERTIFICATE

IN § 801.152Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part A. GENERAL PROVISIONS APPLICABLE TO INSURERS AND RELATED ENTITIES · Ch. 801. CERTIFICATE OF AUTHORITY · Art. D. FELONY CONVICTION

Statute text

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After notice and hearing, the department may revoke the certificate of authority of an insurer if a corporate officer or member of the board of directors of the insurer is convicted of a felony involving:

(1)moral turpitude; or

(2)breach of a fiduciary duty.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.