Texas § IN.982.102 - FILING OF FINANCIAL STATEMENT BY OTHER INSURANCE COMPANY

§ IN.982.102. FILING OF FINANCIAL STATEMENT BY OTHER INSURANCE COMPANY

FILING OF FINANCIAL STATEMENT BY OTHER INSURANCE COMPANY; EXAMINATION. (a) This section applies only to a foreign or alien insurance company, other than a life insurance company, accident insurance company, life and accident insurance company, health and accident insurance company, or life, health, and accident insurance company. (b) A foreign or alien insurance company that wants to engage in the business of insurance in this state shall provide to the department copies of its annual financial statements for the two most recent years. The copies must be certified by the commissioner or other insurance supervising official of the state or country in which the company is organized and incorporated. The department may require that the statement show additional facts as requested by the department. (c) Before approving or denying the application of a foreign or alien insurance company for a certificate of authority to engage in the business of insurance in this state, the commissioner shall: (1) examine the company, at the company's expense, at its principal office in the United States; or (2) accept a report of an examination made by the insurance department or other insurance supervisory official of another state or government of a foreign country. (d) 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. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by: Acts 2009, 81st Leg., R.S., Ch. 1022 (H.B. 4291 ), Sec. 17, eff. June 19, 2009.