Texas § IN.441.052 - CIRCUMSTANCES CONSTITUTING INSURER EXCEEDING POWERS

§ IN.441.052. CIRCUMSTANCES CONSTITUTING INSURER EXCEEDING POWERS

CIRCUMSTANCES CONSTITUTING INSURER EXCEEDING POWERS. For the purposes of this chapter, the circumstances in which an insurer is considered to have exceeded the insurer's powers include circumstances in which the insurer: (1) refuses to permit the commissioner, the commissioner's deputy, or an examiner appointed by the department to examine the insurer's books, papers, accounts, records, or affairs; (2) is organized in this state and removes from the state books, papers, accounts, or records that are necessary to examine the insurer; (3) fails to promptly answer inquiries authorized by Section 38.001 ; (4) fails to comply with an order of the commissioner to remedy, within the time prescribed by law, a prohibited deficiency in the insurer's capital, capital stock, or surplus; (5) without obtaining the commissioner's prior written approval: (A) totally reinsures the insurer's entire outstanding business; or (B) merges or consolidates substantially all of the insurer's property or business with another insurer; (6) continues to write business after the insurer's certificate of authority has been revoked or suspended; or (7) is in a condition that makes the insurer's continuation in business hazardous to the public or to the insurer's policyholders or certificate holders. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007.