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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle B. ORGANIZATION OF REGULATED ENTITIES |
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Chapter 823. INSURANCE HOLDING COMPANY SYSTEMS |
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Subchapter A. GENERAL PROVISIONS |
Sec. 823.010. DISCLAIMER OF AFFILIATION
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(a) A disclaimer of affiliation with an authorized insurer may be filed with the commissioner by any person, including the authorized insurer or a member of an insurance holding company system.
(b) The disclaimer must fully disclose:
(1) all material relationships and bases for affiliation between the person and the insurer; and
(2) the basis for disclaiming the affiliation.
(c) Except as provided by Subsection (d), the disclaimer shall be deemed to have been allowed unless, not later than 60 days after the receipt of a complete disclaimer, the commissioner notifies the filing party that the disclaimer is disallowed.
(d) Notwithstanding Subsection (c), if the commissioner at any time determines that the information disclosed in the disclaimer is incomplete or inaccurate or is no longer accurate, the commissioner may disallow the disclaimer.
(e) If the commissioner disallows a disclaimer, the party who filed the disclaimer may request an administrative hearing. The commissioner shall grant the request for the hearing.
(f) Except as provided by Subsection (h), if the commissioner allows a disclaimer:
(1) the insurer is not required to register or report under Subchapter B due to a duty arising from the insurer's relationship with the party who filed the disclaimer; and
(2) the party who filed the disclaimer is not required to comply with Section 823.154, 823.155, 823.159, or 823.160.
(g) If the commissioner allows a disclaimer, the commissioner at the same time may also waive another provision of this chapter with relation to the party who filed the disclaimer. The commissioner may require reasonable controls and safeguards that are consistent with the purposes of this chapter in granting a waiver under this subsection.
(h) If the commissioner disallows a disclaimer under Subsection (d):
(1) effective on the date of the disallowance, the insurer shall register and report as required by Subchapter B; and
(2) the party who filed the disclaimer shall comply with Sections 823.154, 823.155, 823.159, and 823.160.