Texas § IN.2201.156 - EXAMINATION OF FINANCIAL CONDITION

§ IN.2201.156. EXAMINATION OF FINANCIAL CONDITION

EXAMINATION OF FINANCIAL CONDITION; DISSOLUTION OR DELINQUENCY PROCEEDINGS. (a) A risk retention group not chartered in this state must submit to an examination by the commissioner to determine the group's financial condition if the commissioner of insurance of the jurisdiction in which the group is chartered and authorized to engage in business has not initiated an examination on or before the 60th day after the date the commissioner of this state requests an examination. (b) The commissioner shall: (1) coordinate the examination under Subsection (a) to avoid unjustified repetition; and (2) conduct the examination in an expeditious manner under Sections 401.051 , 401.052 , 401.054-401.062, 401.103-401.106, 401.151 , 401.152 , 401.155 , and 401.156 and Chapters 86 and 803 in accordance with the National Association of Insurance Commissioners Financial Condition Examiner's Handbook. (c) A risk retention group not chartered in this state that engages in business in this state must comply with an order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the commissioner or by a commissioner of another jurisdiction if, after an examination under this section, there is a finding that the group is financially impaired. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 2, eff. April 1, 2007.