Texas Insurance Code - Section 441.301. Remedial Action By Attorney General
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 441.301. Remedial Action By Attorney General
§ 441.301. REMEDIAL ACTION BY ATTORNEY GENERAL. (a) The
commissioner may, at any time and regardless of whether an insurer
is under supervision or conservatorship, determine that the insurer
is not in a condition to continue business in the interest of the
insurer's policyholders or certificate holders. The commissioner
shall give notice of that determination to the attorney general.
(b) On receipt of notice under Subsection (a), the attorney
general shall file suit in the nature of quo warranto in a court in
Travis County to:
(1) forfeit the insurer's charter; or
(2) require the insurer to comply with the law or prove
to the commissioner that the insurer is solvent, and satisfy the
requirement that the insurer's condition does not make the
continuation of the insurer's business hazardous to the public or
to the insurer's policyholders or certificate holders.
(c) The commissioner may at any time refer an insurer to the
attorney general for the purpose of taking any remedial action,
including applying for the appointment of a receiver under Chapter
442.
(d) Supervision or conservatorship of the insurer is not
required before the attorney general may take remedial action under
this section.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.206 441.207 441.251 441.252 441.253 441.254 441.255 441.301 441.302 441.351 442.001 442.002 442.003 442.004 442.051
Last modified: August 10, 2007
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