Tex. Ins. Code § 4007.002 · Chapter 4007. NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND CASUALTY INSURANCE COMPANIES REGARDING AGENTS
NOTICE TO DEPARTMENT REQUIRED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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(2) an agent's authority to settle claims for the company is withdrawn; or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.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1I.001, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4007.htm
- Text hash
- sha256 bd0a2303cafab54a68bc8881f8611f4263ce8d5570a8847b8d39b8febb770c32
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.