Court Opinions

State Laws

US Code

US Constitution

Texas Insurance Code - Section 424.203. Notice Of Intent To Engage In Risk Control Transactions Required

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 424.203. Notice Of Intent To Engage In Risk Control Transactions Required

§ 424.203. NOTICE OF INTENT TO ENGAGE IN RISK CONTROL 
TRANSACTIONS REQUIRED.  (a) Before an insurer with a statutory net 
capital and surplus of less than $10 million engages in a 
transaction authorized under this subchapter, the insurer shall 
file a written notice with the commissioner describing:
		(1)  the need to engage in the transaction;                                   
		(2)  the lack of acceptable alternatives;  and                                
		(3)  the insurer's plan to engage in the transaction.                         
	(b)  If the commissioner does not issue an order prohibiting 
an insurer who files a notice under Subsection (a) from engaging in 
the transaction on or before the 90th day after the date the 
commissioner receives the notice, the insurer may engage in the 
transaction described in the notice.
	(c)  For purposes of this section, an insurer's net capital 
and surplus are determined by the insurer's most recent financial 
statement required to be filed with the department.

Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.           

Last modified: August 10, 2007