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Texas Statutes (Last Updated: January 4, 2014) |
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TRANSPORTATION CODE |
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Title 7. VEHICLES AND TRAFFIC |
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Subtitle D. MOTOR VEHICLE SAFETY RESPONSIBILITY |
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Chapter 601. MOTOR VEHICLE SAFETY RESPONSIBILITY ACT |
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Subchapter E. ALTERNATIVE METHODS OF ESTABLISHING FINANCIAL RESPONSIBILITY |
Sec. 601.124. SELF-INSURANCE
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(a) A person in whose name more than 25 motor vehicles are registered may qualify as a self-insurer by obtaining a certificate of self-insurance issued by the department as provided by this section.
(b) The department may issue a certificate of self-insurance to a person if:
(1) the person applies for the certificate; and
(2) the department is satisfied that the person has and will continue to have the ability to pay judgments obtained against the person.
(c) The self-insurer must supplement the certificate with an agreement that, for accidents occurring while the certificate is in force, the self-insurer will pay the same judgments in the same amounts as an insurer would be obligated to pay under an owner's motor vehicle liability insurance policy issued to the self-insurer if such policy were issued.
(d) The department for cause may cancel a certificate of self-insurance after a hearing. The self-insurer must receive at least five days' notice of the hearing. Cause includes failure to pay a judgment before the 31st day after the date the judgment becomes final.