Texas Insurance Code - Section 281.052. Imposition Of Penalty Or Other Obligation
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§ 281.052. IMPOSITION OF PENALTY OR OTHER
OBLIGATION. (a) The Texas Department of Insurance shall impose a
penalty or other obligation on a foreign insurer authorized to
engage in the business of insurance in this state if:
(1) the insurance department or an insurance
regulatory official of the foreign insurer's state of organization
imposes a penalty or other obligation on any domestic insurer
authorized to engage in the business of insurance in that state;
and
(2) the penalty or other obligation is imposed because
the Texas Department of Insurance did not:
(A) obtain or maintain accreditation
certification or a similar form of approval, compliance, or
acceptance from or as a member of the National Association of
Insurance Commissioners or a committee, task force, working group,
or advisory committee of the association; or
(B) comply with a model act, regulation, report,
or requirement of the National Association of Insurance
Commissioners or a committee, task force, working group, or
advisory committee of the association, including a market conduct,
financial examination, or annual financial statement.
(b) A penalty or other obligation imposed by the Texas
Department of Insurance on a foreign insurer under this section
must be the same as the penalty or other obligation imposed on the
domestic insurer by the insurance department or regulatory official
of the foreign insurer's state of organization.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 281.002 281.003 281.004 281.005 281.006 281.007 281.051 281.052 401.001 401.002 401.003 401.004 401.005 401.006 401.007
Last modified: August 11, 2007
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