Texas Insurance Code - Section 101.203. Investigation And Disclosure
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§ 101.203. INVESTIGATION AND DISCLOSURE. (a) If the
commissioner has reason to believe that insurance has been
effectuated by or for a person in this state with an unauthorized
insurer, the commissioner shall in writing order the person to:
(1) produce for examination all insurance contracts
and other documents evidencing insurance with both authorized and
unauthorized insurers; and
(2) disclose to the commissioner:
(A) the amount of insurance;
(B) the name and address of each insurer;
(C) the gross amount of premiums paid or to be
paid; and
(D) the name and address of each person assisting
in the solicitation, negotiation, or effectuation of the insurance.
(b) A person who fails to comply with a written order under
Subsection (a) before the 31st day after the date of the order or
who wilfully makes a disclosure that is untrue, deceptive, or
misleading shall forfeit:
(1) $50; and
(2) an additional $50 for each day the person
continues to fail to comply after expiration of the 30-day period.
(c) This section does not apply to:
(1) a transaction in this state that:
(A) involves a policy that:
(i) is lawfully solicited, negotiated,
written, and delivered outside this state; and
(ii) covers, at the time the policy is
issued, only subjects of insurance that are not resident, located,
or expressly to be performed in this state; and
(B) takes place after the policy is issued; or
(2) surplus lines insurance procured through eligible
surplus lines carriers as defined by Article 1.14-2.
Added by Acts 1999, 76th Leg., ch. 101, § 1, eff. Sept. 1, 1999.
Section: 101.152 101.153 101.154 101.155 101.156 101.201 101.202 101.203 101.301 101.351 101.352 101.353 101.354 101.355 101.356
Last modified: August 11, 2007
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