Texas Insurance Code - Section 403.101. Penalties
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§ 403.101. PENALTIES. (a) The department may revoke the
charter of an insurer organized under the laws of this state that
pays a dividend in violation of Sections 403.001 and 403.051. If
the department revokes an insurer's charter under this subsection,
the department shall immediately revoke the insurer's certificate
of authority.
(b) Not later than the 10th day before the date on which the
department intends to revoke an insurer's certificate of authority
under this section, the department shall give the insurer written
notice of the department's intent. The notice must include the
specific reasons for the revocation.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 402.103 402.104 403.001 403.002 403.051 403.052 403.053 403.101 403.102 404.001 404.002 404.003 404.004 404.005 404.006
Last modified: August 11, 2007
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