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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 C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES |
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Chapter 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES |
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Subchapter O. ENFORCEMENT AND INTERVENTION |
Sec. 841.703. CERTIFICATE OF AUTHORITY VOID ON FAILURE TO SATISFY JUDGMENT
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(a) If an officer holding an execution issued on a final judgment rendered against an insurance company demands payment of the judgment from an officer or attorney of record of the company and the company does not fully satisfy the judgment before the 31st day after the date the demand is made, the officer shall certify the demand and failure to the commissioner, regardless of whether the demand is made in this state.
(b) On receipt of a certification under Subsection (a), the commissioner shall declare void the certificate of authority issued to the company under this chapter.
(c) An insurance company whose certificate of authority is declared void under this section may not engage in the business of insurance in this state until:
(1) the judgment is fully satisfied and discharged; and
(2) the commissioner renews the company's certificate of authority.