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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 5. REGULATION OF FINANCIAL AND LEGAL SERVICES |
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Subtitle B. LEGAL SERVICES |
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Chapter 953. REGULATION OF FOR-PROFIT LEGAL SERVICE CONTRACT COMPANIES |
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Subchapter C. FINANCIAL SECURITY REQUIREMENTS FOR LEGAL SERVICE CONTRACT COMPANIES |
Sec. 953.102. REPLACEMENT OR RENEWAL OF FINANCIAL SECURITY
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(a) If a company's financial security under Section 953.101 is issued or written for a specified term, not later than the 90th day before the date the term expires, the company shall:
(1) replace the financial security; or
(2) notify the executive director of the company's intention to renew the financial security.
(b) If, not later than the 60th day before the date the term of a company's financial security expires, the executive director does not receive satisfactory notification of a company's renewal or replacement of the financial security, the executive director may draw on the company's financial security to the extent necessary to ensure that the company's obligations to its legal service contract holders are met in accordance with this chapter.