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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The department may not issue a certificate of authority to an association if the department determines that an officer, employee, or member of the board of directors of the association is unworthy of the trust or confidence of the public.
(b) On issuance of a certificate of authority to an association, the commissioner shall order the removal of an officer, employee, or director of the association if the officer, employee, or director is found unworthy of the trust or confidence of the public.
(c) If the association does not remove an officer, employee, or director as required by an order issued under Subsection (b), the commissioner shall:
(1) revoke the certificate of authority; and
(2) treat the association as insolvent.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 887.104. Refusal or Removal for Unworthiness of Public Trust - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-887-104/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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