Sec. 861.701. REVOCATION OF CERTIFICATE. (a) If, as a result of an examination under Section 861.257, the commissioner determines that a general casualty company has not complied with this chapter, the commissioner shall:
(1) revoke the company's certificate of authority; and
(2) notify the attorney general of the revocation.
(b) On receipt of notification under Subsection (a)(2), the attorney general shall request court appointment of a receiver for the general casualty company. Under the direction of the court, the receiver shall wind up the affairs of the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Section: Previous 861.152 861.153 861.154 861.155 861.201 861.251 861.252 861.253 861.254 861.255 861.256 861.257 861.258 861.701 861.702 NextLast modified: September 28, 2016