Tex. Ins. Code Section 403.101
Penalties

(a)

The department may revoke the charter of an insurer organized under the laws of this state that pays a dividend in violation of Sections 403.001 (Limitation on Dividends) and 403.051 (Estimate of Profits). If the department revokes an insurer’s charter under this subsection, the department shall immediately revoke the insurer’s certificate of authority.

(b)

Not later than the 10th day before the date on which the department intends to revoke an insurer’s certificate of authority under this section, the department shall give the insurer written notice of the department’s intent. The notice must include the specific reasons for the revocation.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.

Source: Section 403.101 — Penalties, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­403.­htm#403.­101 (accessed Apr. 29, 2024).

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Accessed:
Apr. 29, 2024

§ 403.101’s source at texas​.gov