§ 2551.353 — PROCEDURE FOR REVOCATION OF CERTIFICATE.

Texas § 2551.353

• Jurisdiction: Texas
• Code IN: Insurance Code

Text

Sec. 2551.353. PROCEDURE FOR REVOCATION OF CERTIFICATE. (a) If the commissioner determines that a domestic or foreign corporation that holds a certificate of authority to engage in business in this state has violated this title, the commissioner shall notify the company that the commissioner intends to revoke the company's certificate of authority on the expiration of the 30-day period following the date actual notice is delivered or mailed under this section.
(b) Notice under this section must:
(1) be in writing; and
(2) be delivered to an executive officer of the company by personal service or by registered mail.
(c) If a company receiving notice under this section does not fully comply before the expiration of the period described by Subsection (a), the commissioner shall revoke the company's certificate of authority.
(d) A company whose certificate of authority is revoked under this section is ineligible for another certificate of authority until the later of:
(1) the date on which the company fully and in good faith complies; or
(2) the first anniversary of the date of the revocation.

Legislative History

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.