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Texas Insurance Code - INS § 886.702. Grounds for Dissolution or Forfeiture

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

(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;

(6) engages in the business of insurance in a fraudulent, illegal, or dishonest manner;  or

(7) violates this chapter.

(b) The attorney general shall, at the request of the department, file any action necessary to wind up the affairs of an association to which Subsection (a) applies and provide for the appointment of a receiver if necessary.

(c) An action under this section must be brought in Travis County.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 886.702. Grounds for Dissolution or Forfeiture - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-886-702/

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