Texas Insurance Code - Section 401.007. Exemption For Certain Foreign Or Alien Insurers Or Health Maintenance Organizations
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§ 401.007. EXEMPTION FOR CERTAIN FOREIGN OR ALIEN
INSURERS OR HEALTH MAINTENANCE ORGANIZATIONS. (a) A foreign or
alien insurer or health maintenance organization that files an
audited financial report in another state in accordance with that
state's requirements for audited financial reports may be exempt
from filing a report under this subchapter if the commissioner
finds that the other state's requirements are substantially similar
to the requirements prescribed by this subchapter.
(b) An insurer or health maintenance organization exempt
under this section shall file with the commissioner a copy of:
(1) the audited financial report, the report on
significant deficiencies in internal controls, and the
accountant's letter of qualifications filed with the other state;
and
(2) any notification of adverse financial conditions
report filed with the other state.
(c) The reports and letter required by Subsection (b)(1)
must be filed in accordance with the filing dates prescribed by
Sections 401.004 and 401.019. The report required by Subsection
(b)(2) must be filed in accordance with the filing date prescribed
by Section 401.017.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 281.052 401.001 401.002 401.003 401.004 401.005 401.006 401.007 401.008 401.009 401.010 401.011 401.012 401.013 401.014
Last modified: August 11, 2007
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