Texas Insurance Code - Not Codified - Article 4.61. Annual Review; Decertification
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Art. 4.61. ANNUAL REVIEW; DECERTIFICATION. (a) The
comptroller shall conduct an annual review of each certified
capital company to:
(1) ensure that the company continues to satisfy the
requirements of this subchapter and that the company has not made
any investment in violation of this subchapter; and
(2) determine the eligibility status of its qualified
investments.
(b) The cost of the annual review shall be paid by each
certified capital company according to a reasonable fee schedule
adopted by the comptroller.
(c) A material violation of Article 4.56, 4.58, or 4.59 of
this code is grounds for decertification of the certified capital
company. If the comptroller determines that a company is not in
compliance with Article 4.56, 4.58, or 4.59 of this code, the
comptroller shall notify the officers of the company in writing
that the company may be subject to decertification after the 120th
day after the date of mailing of the notice, unless the deficiencies
are corrected and the company returns to compliance with those
articles.
(d) The comptroller may decertify a certified capital
company, after opportunity for hearing, if the comptroller finds
that the company is not in compliance with Article 4.56, 4.58, or
4.59 of this code at the end of the period established by Subsection
(c) of this article. Decertification under this subsection is
effective on receipt of notice of decertification by the company.
The comptroller shall notify any appropriate state agency of the
decertification.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 4.54 4.55 4.56 4.57 4.58 4.59 4.60 4.61 4.62 4.63 4.64 4.65 4.66 4.67 4.68
Last modified: August 11, 2007
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