Texas § 4007.002 NOTICE TO DEPARTMENT REQUIRED.

Texas Statutes

§ 4007.002 — NOTICE TO DEPARTMENT REQUIRED.

Texas § 4007.002

Code INInsurance Code

This text of Texas § 4007.002 (NOTICE TO DEPARTMENT REQUIRED.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 4007.002 (2026).

Text

Sec. 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(2)an agent's authority to settle claims for the company is withdrawn; or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)

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Sec. 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(2) an agent's authority to settle claims for the company is withdrawn; or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.

Legislative History

Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 1I.001, eff. April 1, 2009.

Nearby Sections

2

§ 4007.001

APPLICABILITY OF CHAPTER.

§ 4007.002

NOTICE TO DEPARTMENT REQUIRED.

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Bluebook (online)

Texas § 4007.002, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/IN/4007.002.