Texas § IN.841.061 - ACTION ON APPLICATION

§ IN.841.061. ACTION ON APPLICATION

ACTION ON APPLICATION. (a) In considering the application, the commissioner shall determine if: (1) the minimum capital and surplus required by Section 841.054 are the bona fide property of the domestic insurance company; (2) the proposed officers, directors, and managing executive of the company have sufficient insurance experience, ability, and standing to make success of the proposed company probable; and (3) the applicants are acting in good faith. (b) If the commissioner determines that the applicant has not met the standards set out by Subsection (a), the commissioner shall deny the application in writing, giving the reason for the denial. An application may not be granted unless it is adequately supported by competent evidence. (b-1) On the applicant's request, the commissioner shall hold a hearing on a denial. Not later than the 30th day after the date of the applicant's request for a hearing, the commissioner shall request a hearing date. (b-2) An interested party may participate fully and in all respects in any proceeding related to the application. An intervenor has the rights and privileges of a proper or necessary party in a civil suit in the courts of this state, including the right to be represented by counsel. (c) If the commissioner does not deny the application under Subsection (b), the commissioner shall approve the application. On approval of an application, the department shall record the information required by Section 841.058 in records maintained for that purpose. On receipt of a fee in the amount determined under Chapter 202 , the commissioner shall provide to the incorporators a certified copy of the application, articles of incorporation, and submitted affidavit. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 2E.021, eff. April 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291 ), Sec. 9, eff. June 19, 2009. Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291 ), Sec. 10, eff. June 19, 2009.