Texas § IN.823.455 - EQUITABLE RELIEF

§ IN.823.455. EQUITABLE RELIEF

EQUITABLE RELIEF. (a) If it appears to the commissioner that an insurer or a director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this chapter or a rule or order under this chapter, the commissioner may apply to a district court of Travis County for an order enjoining the violation and for other equitable relief that the nature of the case and the interest of the insurer's policyholders or creditors or the public requires. (b) If an insurer or the commissioner has reason to believe that a security of the insurer was or is about to be acquired in violation of this chapter or a rule or order under this chapter, the insurer or the commissioner may apply to a district court of Travis County or of the county in which the insurer has its principal place of business to: (1) enjoin any offer, request, invitation, agreement, or acquisition made in violation of Subchapter D or a rule or order under that subchapter; (2) enjoin the voting of a security acquired in violation of Subchapter D or a rule or order under that subchapter; or (3) void a vote of the security that was cast at any shareholders' meeting. (c) In a suit filed under Subsection (b), the insurer or the commissioner may also apply for other equitable relief that the nature of the case and the interests of the insurer's policyholders or creditors or the public requires. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.