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Current as of January 01, 2024 | Updated by FindLaw Staff
The commissioner, after notice and an opportunity for hearing, may revoke or suspend the certificate of authority of a captive insurance company for:
(1) insolvency or impairment of required capital or surplus, or the equivalent, to policyholders;
(2) failure to submit an annual report, as required by Section 964.060;
(3) failure to comply with the provisions of its own charter, bylaws, rules, or other governing document;
(4) failure to submit to examination, as required by Chapter 401;
(5) failure to pay the cost of examination, as required by Chapter 401;
(6) failure to pay any tax or fee required by this code;
(7) removal of its principal office or books and records from this state without prior approval of the commissioner;
(8) use of practices that render its operation detrimental to the public or its condition unsound; or
(9) failure to otherwise comply with the laws of this state.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 964.065. Suspension or Revocation of Certificate of Authority - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-964-065/
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 or via Westlaw before relying on it for your legal needs.
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