Texas Insurance Code - Not Codified - Article 21.70. Notice To State Board Of Insurance By Property And Casualty Companies
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Art. 21.70. NOTICE TO STATE BOARD OF INSURANCE BY PROPERTY
AND CASUALTY COMPANIES. (a) A company licensed to transact
business in this state under Chapter 5, 6, 7, 8, 15, 16, 17, 18, or
19 of this code shall notify the State Board of Insurance on forms
promulgated by the board not later than the 30th day after the day
on which any of the following circumstances occurs:
(1) balances due from an agent for more than 90 days exceed
$1 million or 10 percent of the company's policyholder surplus
calculated on either December 31 of the preceding year or the most
recent quarter if a report is specifically required by the State
Board of Insurance;
(2) authority for an agent to settle claims for the company
is withdrawn; or
(3) the contract with an agent is cancelled or terminated.
(b) The requirement to file under Section (a)(1) of this
article may be met with a single annual report if the reporting
company routinely operates above the limit provided by that section
and the commissioner verifies that fact under procedures adopted by
the commissioner.
Added by Acts 1989, 71st Leg., ch. 1114, Sec. 6, eff. Sept. 1, 1989.
Article: 21.52B 21.53X 21.54 21.58A 21.58B 21.58C 21.61 21.70 21.72 21.77 21.79 21.79E 21.79H 21.80 21.81
Last modified: August 10, 2007
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