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Texas Insurance Code - Chapter 401 Audits And ExaminationsLegal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Chapter 401 Audits And Examinations Sponsored LinksIn this subchapter: (1) "Accountant" means an independent certified public accountant or accounting firm that meets the requirements of Section 401.011. (2) "Affiliate" has the ... The purpose of this subchapter is to require an annual audit by an independent certified public accountant of the financial statements reporting the financial condition ... This subchapter does not limit the commissioner's authority to order or the department's authority to conduct an examination of an insurer or health maintenance organization ... (a) Unless exempt under Section 401.006, 401.007, or 401.008 and except as otherwise provided by Sections 401.005 and 401.016, an insurer or health maintenance organization ... (a) Instead of the audited financial report required by Section 401.004, an insurer or health maintenance organization domiciled in Canada or the United Kingdom may ... (a) An insurer or health maintenance organization that has less than $1 million in direct premiums written in this state during a calendar year is ... (a) A foreign or alien insurer or health maintenance organization that files an audited financial report in another state in accordance with that state's requirements ... (a) An insurer or health maintenance organization that is not eligible for an exemption under Section 401.006 or 401.007 may apply to the commissioner for ... (a) An audited financial report required under Section 401.004 must: (1) describe the financial condition of the insurer or health maintenance organization as of the ... (a) An accountant must audit the financial reports provided by an insurer or health maintenance organization for purposes of an audit under this subchapter. The ... (a) Except as provided by Subsections (c) and (d), the commissioner shall accept an audited financial report from an independent certified public accountant or accounting ... The commissioner may hold a hearing to determine if an accountant is qualified and independent. If, after considering the evidence presented, the commissioner determines that ... (a) The audited financial report required under Section 401.004 must be accompanied by a letter provided by the accountant who performed the audit stating: (1) ... (a) Not later than December 31 of the calendar year to be covered by an audited financial report required by this subchapter, an insurer or ... (a) If an accountant who signed an audited financial report for an insurer or health maintenance organization resigns as accountant for the insurer or health ... (a) An insurer or health maintenance organization described by Section 401.001(3) or (4) that is required to file an audited financial report under this subchapter ... (a) An insurer or health maintenance organization required to file an audited financial report under this subchapter shall require the insurers or health maintenance organization's ... If, after the date of an audited financial report filed under this subchapter, the accountant becomes aware of facts that might have affected the report, ... (a) In addition to the audited financial report required by this subchapter, each insurer or health maintenance organization shall provide to the commissioner a written ... (a) In this section, "work papers" means the records kept by an accountant of the procedures followed, the tests performed, the information obtained, and the ... (a) If an insurer or health maintenance organization fails to comply with this subchapter, the commissioner shall order that the insurer's or health maintenance organization's ... (a) The department or an examiner appointed by the department shall visit at the carrier's principal office: (1) each carrier that is organized under the ... (a) The department shall visit and examine a carrier: (1) annually during the first three years after the carrier is organized or incorporated; and (2) ... Unless the department requests that an examination cover a longer period, the examination must cover the period beginning on the last day covered by the ... The department or the examiner appointed by the department: (1) has free access, and may require the carrier or the carrier's agent to provide free ... This subchapter does not limit the commissioner's authority to use a final or preliminary examination report, an examiner's or company's work papers or other documents, ... The commissioner by rule shall adopt: (1) procedures governing the filing and adoption of an examination report; (2) procedures governing a hearing to be held ... (a) In this section, "work papers" has the meaning assigned by Section 401.020(a). (b) In conducting an examination under this subchapter, the department shall use ... (a) A final or preliminary examination report and any information obtained during an examination are confidential and are not subject to disclosure under Chapter 552, ... In determining the value or market value of an investment in or on real estate or an improvement to real estate by a carrier authorized ... (a) If the department determines the value or market value of an insurer's investment in or on real estate or an improvement to real estate, ... A carrier is subject to disciplinary action under Chapter 82 if the carrier or the carrier's agent fails or refuses to comply with: (1) this ... The filing of a petition under Subchapter D, Chapter 36, for judicial review of a rule, order, decision, or finding of the commissioner or department ... The department may use a salaried department examiner or may appoint a qualified person or firm to perform an examination of an insurance organization as ... (a) The legislature recognizes that experienced, highly qualified examiners and actuaries are necessary for the department to effectively monitor and regulate the solvency of insurers ... (a) The department shall appoint: (1) a chief examiner and the number of assistant examiners the department considers necessary to conduct examinations of insurance companies, ... (a) The department may commission a department actuary, the chief examiner, another department examiner or employee, or any other person to conduct or assist in ... Before entering into the duties of appointment as an examiner or assistant examiner, an individual must take and file in the office of the secretary ... If an examiner or assistant examiner knowingly makes a false report or gives any information in violation of law that relates to an examination of ... (a) A domestic insurer examined on behalf of this state by the department or under the department's authority shall pay the expenses of the examination ... (a) An insurer not organized under the laws of this state shall reimburse the department for the salary and expenses of each examiner participating in ... (a) A person or firm appointed by the department to examine an insurer or to assist in the insurer's examination shall be paid for those ... An insurer is entitled to a credit on the amount of premium or other taxes to be paid by the insurer for all examination fees ... (a) The department shall impose additional assessments against insurers on a pro rata basis as necessary to: (1) cover all expenses and disbursements required by ... (a) The department shall deposit an assessment or fee collected under this subchapter to the credit of the Texas Department of Insurance operating account. (b) ... Information relating to the financial solvency of an organization regulated by the department under this code or another insurance law of this state that is ... Last modified: August 11, 2007 |