Texas § 2201.153 REQUIREMENTS FOR CONTINUING BUSINESS.

Texas Statutes

§ 2201.153 — REQUIREMENTS FOR CONTINUING BUSINESS.

Texas § 2201.153

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Bluebook

Tex. Insurance Code Code Ann. § 2201.153 (2026).

Text

Sec. 2201.153. REQUIREMENTS FOR CONTINUING BUSINESS.

(a)A risk retention group not chartered in this state that engages in business in this state shall submit to the commissioner:

(1)a copy of the group's financial statement submitted to the state in which the group is chartered and authorized to engage in business;

(2)a copy of each examination of the group as certified by the commissioner, director, or superintendent of insurance of another state or other public official conducting the examination;

(3)on the commissioner's request, a copy of any audit performed with respect to the group; and

(4)any other information required to verify that the group continues to qualify as a risk retention group under Subchapter B.

(b)A financial statement submitted under Subsection (a)(1) must: (1

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Sec. 2201.153. REQUIREMENTS FOR CONTINUING BUSINESS. (a) A risk retention group not chartered in this state that engages in business in this state shall submit to the commissioner:
(1) a copy of the group's financial statement submitted to the state in which the group is chartered and authorized to engage in business;
(2) a copy of each examination of the group as certified by the commissioner, director, or superintendent of insurance of another state or other public official conducting the examination;
(3) on the commissioner's request, a copy of any audit performed with respect to the group; and
(4) any other information required to verify that the group continues to qualify as a risk retention group under Subchapter B.
(b) A financial statement submitted under Subsection (a)(1) must:
(1) be certified by an independent public accountant; and
(2) contain a statement of opinion on loss and loss adjustment expense reserves made:
(A) under criteria established by the National Association of Insurance Commissioners; and
(B) by a member of the American Academy of Actuaries or a qualified loss reserve specialist.