Sec. 101.354. BOND REQUIREMENT FOR ADMINISTRATIVE PROCEEDING. (a) Except as provided by Subsection (c), before an unauthorized person or insurer may file a pleading in an administrative proceeding of the department to which this subchapter applies, the person or insurer must, if required by statute, deposit cash or securities or file a bond with good and sufficient sureties approved by the commissioner in an amount determined by the commissioner as sufficient to pay any final order that may be entered in the proceeding.
(b) An unauthorized person or insurer must file the deposit required by this section with the chief clerk of the department.
(c) The commissioner may issue an order waiving the deposit or bond required by this section if the unauthorized person or insurer demonstrates to the commissioner's satisfaction that the person or insurer maintains sufficient available funds or securities in a state in the United States, in trust or otherwise, to satisfy any final order that may be entered in the proceeding.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 29, eff. June 1, 2003.
Section: Previous 101.151 101.152 101.153 101.154 101.155 101.156 101.201 101.202 101.203 101.301 101.351 101.352 101.353 101.354 101.355 NextLast modified: September 28, 2016