Texas Insurance Code
§ 827.010 — MORATORIUM
IN § 827.010Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 827. WITHDRAWAL AND RESTRICTION PLANS
Statute text
View on source(a)The commissioner may impose a moratorium of not longer than two years on:
(1)the approval of withdrawal plans; or
(2)the implementation of plans to restrict the writing of new business described by Section 827.008.
(b)A moratorium under this section may be imposed on plans implemented after the commissioner has published notice of intention to impose a moratorium on plans under Subsection (a)(2).
(c)The commissioner may annually renew a moratorium imposed under this section.
(d)To impose or renew a moratorium under this section, the commissioner must determine, after notice and hearing, that a catastrophic event has occurred and that as a result of that event a particular line of insurance is not reasonably expected to be available to a substantial number of policyholders or potential policyholders in this state or, in the case of lines of personal automobile or residential property insurance, in a rating territory.
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 206, Sec. 10.06(a), eff. June 11, 2003.