Texas Insurance Code - Section 426.003. Maintenance Of Reserves; Notice Of Noncompliance
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§ 426.003. MAINTENANCE OF RESERVES; NOTICE OF
NONCOMPLIANCE. (a) If a workers' compensation insurance company's
reserves are determined under this chapter to be:
(1) inadequate, the commissioner shall notify the
company and require the company to establish and maintain
reasonable additional reserves; or
(2) unreasonably large, the commissioner shall notify
the company and require the company to reduce the amount of reserves
to a reasonable amount.
(b) Not later than the 60th day after the date of
notification of noncompliance under Subsection (a), the company
shall:
(1) restore compliance as required by Subsection (a);
and
(2) file a statement of restored compliance,
accompanied by any documentation required by the commissioner.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 425.228 425.229 425.230 425.231 425.232 426.001 426.002 426.003 427.001 427.002 427.051 427.052 427.053 427.054 427.055
Last modified: August 10, 2007
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