Sec. 426.003. MAINTENANCE OF RESERVES; NOTICE OF NONCOMPLIANCE. (a) If a workers' compensation insurance company's reserves are determined under this chapter to be:
(1) inadequate, the commissioner shall notify the company and require the company to establish and maintain reasonable additional reserves; or
(2) unreasonably large, the commissioner shall notify the company and require the company to reduce the amount of reserves to a reasonable amount.
(b) Not later than the 60th day after the date of notification of noncompliance under Subsection (a), the company shall:
(1) restore compliance as required by Subsection (a); and
(2) file a statement of restored compliance, accompanied by any documentation required by the commissioner.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 426.001 426.002Last modified: September 28, 2016