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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 4. REGULATION OF SOLVENCY |
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Subtitle C. DELINQUENT INSURERS |
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Chapter 441. SUPERVISION AND CONSERVATORSHIP |
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Subchapter G. POWERS AND DUTIES OF ATTORNEY GENERAL |
Sec. 441.301. REMEDIAL ACTION BY ATTORNEY GENERAL
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(a) The commissioner may, at any time and regardless of whether an insurer is under supervision or conservatorship, determine that the insurer is not in a condition to continue business in the interest of the insurer's policyholders or certificate holders. The commissioner shall give notice of that determination to the attorney general.
(b) On receipt of notice under Subsection (a), the attorney general shall file suit in the nature of quo warranto in a court in Travis County to:
(1) forfeit the insurer's charter; or
(2) require the insurer to comply with the law or prove to the commissioner that the insurer is solvent, and satisfy the requirement that the insurer's condition does not make the continuation of the insurer's business hazardous to the public or to the insurer's policyholders or certificate holders.
(c) The commissioner may at any time refer an insurer to the attorney general for the purpose of taking any remedial action, including applying for the appointment of a receiver under Chapter 442.
(d) Supervision or conservatorship of the insurer is not required before the attorney general may take remedial action under this section.