Texas Insurance Code - Not Codified - Article 3.56. Failure To Report Or Invest
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Art. 3.56. FAILURE TO REPORT OR INVEST .
Article repealed effective April 1, 2007
If any such company shall intentionally fail or refuse to
make the investments required by this chapter, or make any report
required by this chapter, or to make any special report requested by
the Board of Insurance Commissioners under authority of this
chapter, or generally to comply with any provision or requirements
of this chapter, while holding a certificate of authority to
transact business in this State, or after it shall cease to write
new business or cease to hold such certificate, such failure or
refusal shall subject such company, in addition to the penalty
provided in the preceding article, in cases to which said article
may be applicable, to the payment of a penalty of Twenty-five
($25.00) Dollars per day for each day that such company shall remain
in default after the Board shall notify such company of such
default, in the manner provided in the preceding article, to be
recovered in a suit that may be brought by the Attorney General in
behalf of the State in the District Court of Travis County. In any
suit brought to recover such penalty, there shall be a prima facie
presumption subject to rebuttal, that any default that may have
occurred was intentional; that the notice required by this chapter
was given, and the burden of proof shall be on the defendant company
to prove that the investments required by this chapter were made as
herein required whenever the question of whether or not such
investments were thus made is in issue.
Act 1951, 52nd Leg., ch. 491.
Article: 3.50-7B 3.51 3.51-1 3.51-2 3.51-4 3.51-5 3.51-7 3.56 3.70-3D 4.01 4.11A 4.51 4.52 4.53 4.54
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Last modified: August 10, 2007
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