Tex. Ins. Code § 401.008 · Subchapter A. INDEPENDENT AUDIT OF FINANCIAL STATEMENTS
HARDSHIP EXEMPTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An insurer or health maintenance organization that is not eligible for an exemption under Section 401.006 or 401.007 may apply to the commissioner for a hardship exemption.
(b) Subject to Subsection (c), the commissioner may grant an exemption under this section if the commissioner finds, after reviewing the application, that compliance with this subchapter would constitute a severe financial or organizational hardship for the insurer or health maintenance organization. The commissioner may grant the exemption at any time for one or more specified periods.
(c) The commissioner may not grant an exemption under this section if:
(1) the exemption would diminish the department's ability to monitor the financial condition of the insurer or health maintenance organization; or
(2) the insurer or health maintenance organization:
(A) during the five-year period preceding the date the application for the exemption is made:
(i) has been placed under supervision, conservatorship, or receivership;
(ii) has undergone a change in control, as described by Section 823.005; or
(iii) has been subject to a significant number of complaints, as determined by the commissioner;
(B) has been identified by the department as troubled;
(C) has been or is the subject of a disciplinary action by the department; or
(D) is not complying with the law or with a rule adopted by the commissioner.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.401.htm
- Text hash
- sha256 1ce2a4a83cfb4764da31a6578df1abf380a177fb5cc6f7c8324532a5b72c93bb
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Insurance Code
- Tex. Ins. Code § 401.006EXEMPTION FOR CERTAIN SMALL INSURERS AND HEALTH MAINTENANCE ORGANIZATIONS.Printed as Section 401.006 or 401.007
- Tex. Ins. Code § 401.007EXEMPTION FOR CERTAIN FOREIGN OR ALIEN INSURERS OR HEALTH MAINTENANCE ORGANIZATIONS.Printed as Section 401.006 or 401.007
- Tex. Ins. Code § 823.005DESCRIPTION OF CONTROL; DETERMINATION OF CONTROL.Printed as Section 823.005
Cited by 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 401.008. Each shows the citation as that text prints it.
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