Sec. 886.702. GROUNDS FOR DISSOLUTION OR FORFEITURE. (a) In addition to any other penalties imposed on a local mutual aid association or on its members or officers, an association is subject to dissolution and forfeiture of its right to engage in the business of insurance if the association:
(1) ceases to engage in the business of insurance;
(2) falls below the requirements of this chapter;
(3) engages in the business of insurance without a certificate of authority;
(4) fails to make reports as required by law;
(5) refuses to submit to examination by the department or pay the cost of an examination;
(6) engages in the business of insurance in a fraudulent, illegal, or dishonest manner; or
(7) violates this chapter.
(b) The attorney general shall, at the request of the department, file any action necessary to wind up the affairs of an association to which Subsection (a) applies and provide for the appointment of a receiver if necessary.
(c) An action under this section must be brought in Travis County.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Section: Previous 886.004 886.051 886.052 886.101 886.102 886.103 886.104 886.105 886.106 886.107 886.108 886.109 886.110 886.701 886.702Last modified: September 28, 2016