Tex.
Ins. Code Section 101.203
Investigation and Disclosure
(a)
If the commissioner has reason to believe that insurance has been effectuated by or for a person in this state with an unauthorized person or insurer, the commissioner shall in writing order the person to:(1)
produce for examination all insurance contracts and other documents evidencing insurance with both authorized and unauthorized persons or insurers; and(2)
disclose to the commissioner:(A)
the amount of insurance;(B)
the name and address of each insurer;(C)
the gross amount of premiums paid or to be paid; and(D)
the name and address of each person assisting in the solicitation, negotiation, or effectuation of the insurance.(b)
A person who fails to comply with a written order under Subsection (a) before the 31st day after the date of the order or who wilfully makes a disclosure that is untrue, deceptive, or misleading shall forfeit:(1)
$1,000; and(2)
an additional $1,000 for each day the person continues to fail to comply after expiration of the 30-day period.(c)
This section does not apply to:(1)
a transaction in this state that:(A)
involves a policy that:(i)
is lawfully solicited, negotiated, written, and delivered outside this state; and(ii)
covers, at the time the policy is issued, only subjects of insurance that are not resident, located, or expressly to be performed in this state; and(B)
takes place after the policy is issued; or(2)
surplus lines insurance procured through eligible surplus lines insurers as defined by Section 981.002 (Definitions).
Source:
Section 101.203 — Investigation and Disclosure, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.101.htm#101.203 (accessed Jun. 5, 2024).
