Tex.
Ins. Code Section 751.101
Commissioner Authority; Interactions with Other Insurance Commissioners of Other States
(a)
The commissioner has responsibility for conducting market conduct examinations on domestic insurers. The commissioner may delegate that responsibility to the insurance commissioner of another state, if that insurance commissioner agrees to accept the delegated responsibility. If the commissioner elects to delegate responsibility for examining an insurer, the commissioner shall accept a report of the examination prepared by the insurance commissioner to whom the responsibility has been delegated.(b)
If the insurer to be examined is part of an insurance holding company system, the commissioner may also seek to simultaneously examine any affiliate of the insurer that is authorized to write the same types of insurance in this state as the insurer if the insurance commissioner of the state in which the affiliate is organized consents and delegates responsibility for that examination.(c)
In lieu of conducting a targeted examination of an insurer that holds a certificate of authority in this state but is not a domestic insurer, the commissioner shall accept a report of a market conduct examination regarding that insurer prepared by the insurance commissioner of the state in which the insurer is organized or by another state if:(1)
the laws of the examining state that are applicable to the subject of the examination are substantially similar to those of this state; and(2)
the examining state has a market conduct surveillance system that the commissioner deems comparable to the market conduct surveillance system required under this chapter.(d)
The commissioner’s determination under Subsection (c)(2) is discretionary with the commissioner and is not subject to appeal.(e)
Subject to a determination under Subsection (c), if a market conduct examination conducted by another state results in a finding that an insurer should modify a specific practice or procedure, the commissioner shall accept documentation that the insurer has made a similar modification in this state in lieu of initiating a market conduct action or examination related to that practice or procedure. The commissioner may require other or additional practice or procedure modifications.
Source:
Section 751.101 — Commissioner Authority; Interactions with Other Insurance Commissioners of Other States, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.751.htm#751.101 (accessed Apr. 29, 2024).
