Tex. Insurance Code § 4007.002
NOTICE TO DEPARTMENT REQUIRED
Texas · Texas Insurance Code · Status: effective
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- Tex. Insurance Code § 4007.002, NOTICE TO DEPARTMENT REQUIRED, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/685447
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Full text
(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(2) an agent's authority to settle claims for the company is withdrawn; or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.