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Texas Laws | Insurance Code
INSURANCE CODE
TITLE 3. DEPARTMENT FUNDS, FEES, AND TAXES

Added by Acts 2007, 80th Leg., R.S., Ch. 932 (H.B. 3315), Sec. 16, eff. June 15, 2007. (3101)

SUBCHAPTER B. RETALIATORY PENALTIES OR OTHER OBLIGATIONS (3102)(Text)
Sec. 281.051. DEFINITIONS. (3103)(Text)

In this subchapter: (3104)

(1) "Domestic insurer" and "foreign insurer" have the meanings assigned by Section 281.001. (3105)

(2) "Penalty or other obligation" includes a sanction, fine, financial, deposit, or regulatory requirement, and any other obligation, prohibition, or restriction. (3106)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005. (3107)

Sec. 281.052. IMPOSITION OF PENALTY OR OTHER OBLIGATION. (3108)(Text)

(a) The Texas Department of Insurance shall impose a penalty or other obligation on a foreign insurer authorized to engage in the business of insurance in this state if: (3109)

(1) the insurance department or an insurance regulatory official of the foreign insurer's state of organization imposes a penalty or other obligation on any domestic insurer authorized to engage in the business of insurance in that state; and (3110)

(2) the penalty or other obligation is imposed because the Texas Department of Insurance did not: (3111)

(A) obtain or maintain accreditation certification or a similar form of approval, compliance, or acceptance from or as a member of the National Association of Insurance Commissioners or a committee, task force, working group, or advisory committee of the association; or (3112)

(B) comply with a model act, regulation, report, or requirement of the National Association of Insurance Commissioners or a committee, task force, working group, or advisory committee of the association, including a market conduct, financial examination, or annual financial statement. (3113)

(b) A penalty or other obligation imposed by the Texas Department of Insurance on a foreign insurer under this section must be the same as the penalty or other obligation imposed on the domestic insurer by the insurance department or regulatory official of the foreign insurer's state of organization. (3114)

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005. (3115)

TITLE 4. REGULATION OF SOLVENCY (3116)(Text)

CHAPTER 401. AUDITS AND EXAMINATIONS (3117)(Text)

SUBCHAPTER A. INDEPENDENT AUDIT OF FINANCIAL STATEMENTS (3118)(Text)
Sec. 401.001. DEFINITIONS. (3119)(Text)

In this subchapter: (3120)

(1) "Accountant" means an independent certified public accountant or accounting firm that meets the requirements of Section 401.011. (3121)

(2) "Affiliate" has the meaning assigned by Section 823.003. (3122)

(3) "Health maintenance organization" means a health maintenance organization authorized to engage in business in this state. (3123)

(4) "Insurer" means an insurer authorized to engage in business in this state, including: (3124)

(A) a life, health, or accident insurance company; (3125)

(B) a fire and marine insurance company; (3126)

(C) a general casualty company; (3127)

(D) a title insurance company; (3128)

(E) a fraternal benefit society; (3129)

(F) a mutual life insurance company; (3130)

(G) a local mutual aid association; (3131)

(H) a statewide mutual assessment company; (3132)

(I) a mutual insurance company other than a mutual life insurance company; (3133)

(J) a farm mutual insurance company; (3134)

(K) a county mutual insurance company; (3135)

(L) a Lloyd's plan; (3136)

(M) a reciprocal or interinsurance exchange; (3137)

(N) a group hospital service corporation; (3138)

(O) a stipulated premium company; and (3139)

(P) a nonprofit legal services corporation. (3140)

(5) "Subsidiary" has the meaning assigned by Section 823.003. (3141)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (3142)

Sec. (3143)(Text)

state.tx.us/GetStatute.aspx?Code=IN&Value=401.002">401.002. PURPOSE OF SUBCHAPTER. The purpose of this subchapter is to require an annual audit by an independent certified public accountant of the financial statements reporting the financial condition and the results of operations of each insurer or health maintenance organization. (3144)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (3145)

Sec. (3146)(Text)

state.tx.us/GetStatute.aspx?Code=IN&Value=401.003">401.003. EFFECT OF SUBCHAPTER ON AUTHORITY TO EXAMINE. This subchapter does not limit the commissioner's authority to order or the department's authority to conduct an examination of an insurer or health maintenance organization under this code or the commissioner's rules. (3147)

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007. (3148)

Sec. 401.004. FILING AND EXTENSIONS FOR FILING OF AUDITED FINANCIAL REPORT. (3149)(Text)

(a) Unless exempt under Section 401.006, 401.007, or 401.008 and except as otherwise provided by Sections 401.005 and 401.016, an insurer or health maintenance organization shall: (3150)

(1) have an annual audit performed by an accountant; and (3151)

(2) file with the commissioner on or before June 30 an audited financial report for the preceding calendar year. (3152)

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