Texas Insurance Code - Section 81.003. Notification Of Certain Disciplinary Actions Occurring In Other States; Civil Penalty
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§ 81.003. NOTIFICATION OF CERTAIN DISCIPLINARY ACTIONS
OCCURRING IN OTHER STATES; CIVIL PENALTY. (a) In this section,
"insurer" means any organization, corporation, or other person that
transacts insurance business, other than an organization,
corporation, or other person that is specifically made exempt from
this section by a reference to this section, without regard to
whether the organization, corporation, or other person is listed in
this subsection. The term includes:
(1) a capital stock company;
(2) a title insurance company;
(3) a reciprocal or interinsurance exchange;
(4) a Lloyd's plan insurer;
(5) a fraternal benefit society;
(6) a mutual company, including a mutual assessment
company;
(7) a statewide mutual assessment company;
(8) a local mutual aid association;
(9) a burial association;
(10) a county mutual insurance company;
(11) a farm mutual insurance company; and
(12) a fidelity, guaranty, or surety company.
(b) An insurer shall notify the commissioner and shall
deliver a copy of any applicable order or judgment to the
commissioner not later than the 30th day after the date of the:
(1) suspension or revocation of the insurer's right to
transact business in another state;
(2) receipt of an order to show cause why the insurer's
license in another state should not be suspended or revoked; or
(3) imposition of a penalty, forfeiture, or sanction
on the insurer for a violation of the insurance laws of another
state.
(c) An insurer who violates Subsection (b) is liable for a
civil penalty, recoverable by a civil action, in an amount not to
exceed $500 for each violation. In addition to the civil penalty,
the commissioner may suspend or revoke the license of an insurer or
agent for a wilful violation of Subsection (b).
Added by Acts 1999, 76th Leg., ch. 101, § 1, eff. Sept. 1, 1999.
Section: 40.056 40.057 40.058 40.059 40.060 81.001 81.002 81.003 81.004 82.001 82.002 82.003 82.051 82.052 82.053
Last modified: August 10, 2007
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