Texas Insurance Code - Section 101.354. Bond Requirement For Administrative Proceeding
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§ 101.354. BOND REQUIREMENT FOR ADMINISTRATIVE
PROCEEDING. (a) Except as provided by Subsection (c), before an
unauthorized person or insurer may file a pleading in an
administrative proceeding of the department to which this
subchapter applies, the person or insurer must, if required by
statute, deposit cash or securities or file a bond with good and
sufficient sureties approved by the commissioner in an amount
determined by the commissioner as sufficient to pay any final order
that may be entered in the proceeding.
(b) An unauthorized person or insurer must file the deposit
required by this section with the chief clerk of the department.
(c) The commissioner may issue an order waiving the deposit
or bond required by this section if the unauthorized person or
insurer demonstrates to the commissioner's satisfaction that the
person or insurer maintains sufficient available funds or
securities in a state in the United States, in trust or otherwise,
to satisfy any final order that may be entered in the proceeding.
Added by Acts 2001, 77th Leg., ch. 1419, § 29, eff. June 1, 2003.
Section: 101.201 101.202 101.203 101.301 101.351 101.352 101.353 101.354 101.355 101.356 102.001 102.002 102.051 102.101 102.102
Last modified: August 11, 2007
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