Texas Insurance Code - Section 441.302. Forfeiture And Cancellation Of Charter On Conclusion Of Business
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§ 441.302. FORFEITURE AND CANCELLATION OF CHARTER ON
CONCLUSION OF BUSINESS. (a) Once all an insurer's policies are
reinsured or terminated and the insurer's affairs are concluded as
provided by this chapter, the commissioner shall report that fact
to the attorney general. On receipt of the report, the attorney
general shall take action necessary to forfeit or cancel the
insurer's charter.
(b) The commissioner shall report to the attorney general
the commissioner's approval of the merger or consolidation of an
insurer with another insurer or the reinsurance of the insurer's
policies. On receipt of the report, the attorney general shall take
action to forfeit or cancel the insurer's charter in the manner
provided for the forfeiture or cancellation of the charter of an
insurer that is totally reinsured or liquidated.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.207 441.251 441.252 441.253 441.254 441.255 441.301 441.302 441.351 442.001 442.002 442.003 442.004 442.051 442.052
Last modified: August 11, 2007
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