Texas Insurance Code - Section 441.052. Circumstances Constituting Insurer Exceeding Powers
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§ 441.052. CIRCUMSTANCES CONSTITUTING INSURER EXCEEDING
POWERS. For the purposes of this chapter, the circumstances in
which an insurer is considered to have exceeded the insurer's
powers include circumstances in which the insurer:
(1) refuses to permit the commissioner, the
commissioner's deputy, or an examiner appointed by the department
to examine the insurer's books, papers, accounts, records, or
affairs;
(2) is organized in this state and removes from the
state books, papers, accounts, or records that are necessary to
examine the insurer;
(3) fails to promptly answer inquiries authorized by
Section 38.001;
(4) fails to comply with an order of the commissioner
to remedy, within the time prescribed by law, a prohibited
deficiency in the insurer's capital, capital stock, or surplus;
(5) without obtaining the commissioner's prior written
approval:
(A) totally reinsures the insurer's entire
outstanding business; or
(B) merges or consolidates substantially all of
the insurer's property or business with another insurer;
(6) continues to write business after the insurer's
certificate of authority has been revoked or suspended; or
(7) is in a condition that makes the insurer's
continuation in business hazardous to the public or to the
insurer's policyholders or certificate holders.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.003 441.004 441.005 441.006 441.007 441.008 441.051 441.052 441.053 441.101 441.102 441.103 441.104 441.105 441.151
Last modified: August 11, 2007
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