Texas Insurance Code

§ 886.702 — GROUNDS FOR DISSOLUTION OR FORFEITURE

IN § 886.702Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 886. LOCAL MUTUAL AID ASSOCIATIONS · Art. O. DISCIPLINARY PROCEDURES AND CRIMINAL PENALTY

Statute text

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(a)In addition to any other penalties imposed on a local mutual aid association or on its members or officers, an association is subject to dissolution and forfeiture of its right to engage in the business of insurance if the association:

(1)ceases to engage in the business of insurance;

(2)falls below the requirements of this chapter;

(3)engages in the business of insurance without a certificate of authority;

(4)fails to make reports as required by law;

(5)refuses to submit to examination by the department or pay the cost of an examination;

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Legislative history

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