Sec. 4001.252. NOTIFICATION TO DEPARTMENT OF CERTAIN INFORMATION. (a) An individual licensed as an agent shall notify the department on a monthly basis of:
(1) a change of the license holder's mailing address;
(2) a felony conviction of the license holder; or
(3) an administrative action taken against the license holder by a financial or insurance regulator of this state, another state, or the United States.
(b) A corporation or partnership licensed as an agent under this title shall file under oath, on a form developed by the department, biographical information for:
(1) each executive officer, director, or unlicensed partner who administers the entity's operations in this state;
(2) each shareholder who is in control of the corporation or partner who has the right or ability to control the partnership; and
(3) if the corporation or partnership is owned, in whole or in part, by another entity, each individual who is in control of the parent entity.
(c) A corporation or partnership shall notify the department not later than the 30th day after the date of:
(1) a felony conviction of a licensed agent of the entity or an individual associated with the entity who is required to file biographical information with the department;
(2) an event for which notification would be required under Section 81.003; or
(3) the addition or removal of an officer, director, partner, member, or manager.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
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