Tex.
Ins. Code Section 1111A.004
License Suspension, Revocation, or Refusal to Renew
(a)
The commissioner may suspend, revoke, or refuse to renew the license of a license holder if the commissioner finds that:(1)
there was a material misrepresentation in the application for the license;(2)
the license holder or an officer, partner, member, or director of the license holder has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent to act as a license holder;(3)
the license holder is a provider and demonstrates a pattern of unreasonably withholding payments to policy owners;(4)
the license holder no longer meets the requirements for initial licensure;(5)
the license holder or any officer, partner, member, or director of the license holder has been convicted of a felony, or of any misdemeanor with respect to which criminal fraud is an element, or has pleaded guilty or nolo contendere with respect to a felony or a misdemeanor with respect to which criminal fraud or moral turpitude is an element, regardless of whether a judgment of conviction has been entered by the court;(6)
the license holder is a provider and has entered into a life settlement contract using a form that has not been approved under this chapter;(7)
the license holder is a provider and has failed to honor contractual obligations in a life settlement contract;(8)
the license holder is a provider and has assigned, transferred, or pledged a settled policy to a person other than a provider licensed in this state, a purchaser, an accredited investor or qualified institutional buyer as defined respectively in 17 C.F.R. Section 230.144A, as amended, a financing entity, a special purpose entity, or a related provider trust; or(9)
the license holder or any officer, partner, member, or key management personnel of the license holder has violated this chapter.(b)
The commissioner may deny a license application or suspend, revoke, or refuse to renew the license of a license holder in accordance with Chapter 2001 (Administrative Procedure), Government Code.
Source:
Section 1111A.004 — License Suspension, Revocation, or Refusal to Renew, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1111A.htm#1111A.004 (accessed Jun. 5, 2024).
