Tex. INS Code ch. 4007 — NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND CASUALTY INSURANCE COMPANIES REGARDING AGENTS | Texas Statutes — Texas

Tex. INS Code § 4007.001. APPLICABILITY OF CHAPTER.

This chapter applies only to an insurance company authorized to engage in the business of insurance in this state under: (1) a provision of: (A) Chapter 5, 1805 , or 2171 ; or (B) Subtitle B, C, D, E, F, H, or I, Title 10; or (2) Chapter 861 , 862 , 883 , 911 , 912 , 941 , 942 , 984 , or 3503 . Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 1I.001, eff. April 1, 2009.

Tex. INS Code § 4007.002. NOTICE TO DEPARTMENT REQUIRED.

(a) On forms prescribed by the commissioner, an insurance company shall notify the department not later than the 30th day after the date on which: (1) balances due from an insurance agent for more than 90 days exceed $1 million or 10 percent of the company's policyholder surplus computed on December 31 of the preceding year or the most recent quarter if a report is specifically required by the department; (2) an agent's authority to settle claims for the company is withdrawn; or (3) the contract with an agent is canceled or terminated. (b) An insurance company may comply with the notification requirement of Subsection (a)(1) by submitting a single annual report if: (1) the company routinely operates above the limit established by Subsection (a)(1); and (2) the commissioner verifies that fact under a procedure adopted by the commissioner. Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 1I.001, eff. April 1, 2009.