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Texas Insurance Code - INS § 463.351. Notice of Commissioner Actions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commissioner shall:

(1) notify the insurance officials of all the other states, territories of the United States, and the District of Columbia by mail not later than the 30th day after the date the commissioner:

(A) revokes or suspends a member insurer's certificate of authority;  or

(B) issues a formal order requiring a member insurer to:

(i) restrict the insurer's premium writing;

(ii) withdraw from this state;

(iii) reinsure all or part of the insurer's business;

(iv) obtain additional contributions to surplus;  or

(v) increase capital, surplus, or another account for the security of policyholders, contract owners, or creditors;

(2) report to the board when the commissioner:

(A) takes an action described by Subdivision (1) or receives from another insurance official a report indicating that a similar action has been taken in another state;  or

(B) has reasonable cause to believe from a completed or continuing examination that a member insurer may be impaired or insolvent;  and

(3) provide to the board the National Association of Insurance Commissioners Insurance Regulatory Information System ratios and listings of insurers not included in those ratios.

(b) A report under Subsection (a)(2)(A) must contain all significant details of the action taken or report received.

(c) The board may use information described by this section to carry out the board's duties under this chapter.  The board shall keep a report made under this section and the contents of the report confidential until the commissioner or other lawful authority makes the report and the contents public.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 463.351. Notice of Commissioner Actions - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-463-351/

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