Texas Insurance Code - Section 424.210. Oversight By Commissioner
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§ 424.210. OVERSIGHT BY COMMISSIONER. (a) Not later than
the 10th day before the date an insurer is scheduled to enter into
an initial hedging transaction, the insurer shall notify the
commissioner in writing that:
(1) the insurer's board of directors has adopted an
investment plan that authorizes hedging transactions; and
(2) each hedging transaction will comply with this
subchapter.
(b) If a hedging transaction does not comply with this
subchapter or if continuing the transaction may create a hazardous
financial condition for the insurer that affects the insurer's
policyholders or creditors or the public, the commissioner may,
after notice and an opportunity for a hearing, order the insurer to
take action that the commissioner determines is reasonably
necessary to:
(1) remedy a hazardous financial condition; or
(2) prevent an impending hazardous financial
condition from occurring.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.203 424.204 424.205 424.206 424.207 424.208 424.209 424.210 424.211 424.212 424.213 424.214 424.215 424.216 424.217
Last modified: August 10, 2007
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