reglab/housing_qa huggingface dataset:
TX Ins Code § 402.101 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 402 - Disclosure of Material Transactions|Subchapter C. Nonrenewal, Cancellation, and Revision|Section 402.101. Nonrenewals, Cancellations, and Revisions Considered Material

Sec. 402.101.  NONRENEWALS, CANCELLATIONS, AND REVISIONS CONSIDERED MATERIAL.  For purposes of this chapter, a nonrenewal, cancellation, or revision of a ceded reinsurance agreement is material if, on an annual basis, as reported in an insurer's or health maintenance organization's most recent statutory statement filed with the department, the nonrenewal, cancellation, or revision affects:(1)  for property and casualty business, including accident and health business when written as property and casualty business, more than 50 percent of the insurer's or health maintenance organization's ceded written premium; or(2)  for life, annuity, and accident and health business, more than 50 percent of the total reserve credit taken for business ceded by the insurer or health maintenance organization.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 402.102 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 402 - Disclosure of Material Transactions|Subchapter C. Nonrenewal, Cancellation, and Revision|Section 402.102. Conditions Under Which Report Concerning Nonrenewal, Cancellation, or Revision Required

Sec. 402.102.  CONDITIONS UNDER WHICH REPORT CONCERNING NONRENEWAL, CANCELLATION, OR REVISION REQUIRED.  Except as provided by Section 402.103, an insurer or health maintenance organization shall file a report of a material nonrenewal, cancellation, or revision of ceded reinsurance under Section 402.002, without regard to which party initiated the nonrenewal, cancellation, or revision, if:(1)  the entire cession has been canceled, nonrenewed, or revised, and ceded indemnity and loss adjustment expense reserves after the nonrenewal, cancellation, or revision represent less than 50 percent of the comparable reserves that would have been ceded had the nonrenewal, cancellation, or revision not occurred;(2)  an authorized or accredited reinsurer has been replaced by an unauthorized reinsurer on an existing cession, and the result of the revision affects more than 10 percent of the cession; or(3)  a collateral requirement previously established for an unauthorized reinsurer has been reduced, in that the requirement to collateralize incurred but unreported claim reserves has been waived for at least one unauthorized reinsurer newly participating in an existing cession, and the result of the revision affects more than 10 percent of the cession.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 402.103 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 402 - Disclosure of Material Transactions|Subchapter C. Nonrenewal, Cancellation, and Revision|Section 402.103. Conditions Under Which Report Concerning Nonrenewal, Cancellation, or Revision Not Required

Sec. 402.103.  CONDITIONS UNDER WHICH REPORT CONCERNING NONRENEWAL, CANCELLATION, OR REVISION NOT REQUIRED.  An insurer or health maintenance organization is not required to file a report under Section 402.002 if the insurer's or health maintenance organization's ceded written premium of the total reserve credit taken for business ceded is, on an annual basis, less than an amount equal to:(1)  10 percent of direct and assumed written premiums; or(2)  10 percent of the statutory reserve requirement before a cession.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 402.104 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 402 - Disclosure of Material Transactions|Subchapter C. Nonrenewal, Cancellation, and Revision|Section 402.104. Content of Report Concerning Material Nonrenewals, Cancellations, and Revisions

Sec. 402.104.  CONTENT OF REPORT CONCERNING MATERIAL NONRENEWALS, CANCELLATIONS, AND REVISIONS.  In a report of a material nonrenewal, cancellation, or revision of a ceded reinsurance agreement under Section 402.002, an insurer or health maintenance organization shall disclose:(1)  the effective date of the nonrenewal, cancellation, or revision;(2)  a description of the transaction that identifies the initiator of the transaction;(3)  the purpose of the transaction; and(4)  if applicable, the identity of each replacement reinsurer.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.001 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter A. Payment of Dividends|Section 403.001. Limitation on Dividends

Sec. 403.001.  LIMITATION ON DIVIDENDS.  An insurer organized under the laws of this state, including a life, health, fire, marine, or inland marine insurance company, may not pay a shareholder dividend except from surplus profits arising from the insurer's business.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 463 (S.B. 1006), Sec. 1, eff. June 14, 2013.|
TX Ins Code § 403.002 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter A. Payment of Dividends|Section 403.002. Dividends to Policyholders in Commercial Lines

Sec. 403.002.  DIVIDENDS TO POLICYHOLDERS IN COMMERCIAL LINES.  (a)  An insurer may pay to a commercial policyholder or group of commercial policyholders a dividend that covers more than one class or line of commercial business only:(1)  after the insurer establishes on an aggregate basis adequate loss reserves for the classes or lines of commercial insurance included within the dividend; and(2)  if the insurer has sufficient surplus from which to pay the dividend.(b)  Not later than the 15th day before an insurer pays a dividend described by Subsection (a), the insurer shall file with the department notice of the insurer's intent to pay the dividend.(c)  The classes or lines of commercial business for which dividends are authorized under this section include any commercial class or line of commercial business regulated by Title 10 or Chapter 5.(d)  An insurer's limitation of a dividend on one or more classes or lines of commercial business to a group of commercial policyholders is not unfair discrimination if the group:(1)  has clearly identifiable underwriting characteristics; or(2)  is an association or group of business entities engaged in similar undertakings.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.051 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter B. Estimate of Profits|Section 403.051. Estimate of Profits

Sec. 403.051.  ESTIMATE OF PROFITS.  An insurer organized under the laws of this state may not include the following in the estimate of the insurer's profits for the purpose of paying dividends under Section 403.001:(1)  the reserve on all unexpired risks computed in the manner provided by this code;(2)  the amount of all unpaid losses, whether adjusted or unadjusted; and(3)  all other debts due and payable, or to become due and payable, by the insurer.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.052 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter B. Estimate of Profits|Section 403.052. Estimate of Profits of Certain Insurers

Sec. 403.052.  ESTIMATE OF PROFITS OF CERTAIN INSURERS.  A life, health, fire, marine, or inland marine insurance company organized under the laws of this state may not include the following in the estimate of the company's profits for the purpose of paying dividends under Section 403.001:(1)  the reserve on all unexpired risks computed in the manner provided by this code;(2)  the amount of all unpaid losses, whether adjusted or unadjusted;(3)  each amount due the company on bonds, mortgages, stocks, or book-accounts on which no part of the principal or interest has been paid during the year preceding the estimate of profits and for which:(A)  a suit for foreclosure or collection has not been commenced; or(B)  a judgment obtained in a suit for foreclosure or collection has remained unsatisfied for a period of more than two years and no interest has been paid on the judgment; and(4)  if no interest has been paid on a judgment described by Subdivision (3)(B), any interest that is due or accrued on the judgment and remains unpaid.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.053 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter B. Estimate of Profits|Section 403.053. Acquired Earned Surplus

Sec. 403.053.  ACQUIRED EARNED SURPLUS.  (a)  This section applies only to:(1)  a stock domestic insurance company authorized to engage in the business of life, accident, or health insurance in this state;(2)  a stock foreign or alien life, health, or accident insurance company;(3)  a stock insurance company authorized to engage in the business of property, casualty, or fire insurance; and(4)  a domestic Lloyd's plan, reciprocal or interinsurance exchange, or title insurance company.(b)  In determining the amount of "surplus profits arising from the insurer's business" or "earned surplus" for the purpose of paying dividends to shareholders, the insurer may include the acquired earned surplus of an insurance subsidiary acquired by the insurer to the extent that:(1)  the inclusion is permitted by an order of the commissioner made in accordance with commissioner rules; and(2)  the earned surplus of the acquired subsidiary on the date of acquisition that exists on the date of the commissioner's order is not otherwise reflected in the insurer's earned surplus.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.101 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter C. Penalties|Section 403.101. Penalties

Sec. 403.101.  PENALTIES.  (a)  The department may revoke the charter of an insurer organized under the laws of this state that pays a dividend in violation of Sections 403.001 and 403.051.  If the department revokes an insurer's charter under this subsection, the department shall immediately revoke the insurer's certificate of authority.(b)  Not later than the 10th day before the date on which the department intends to revoke an insurer's certificate of authority under this section, the department shall give the insurer written notice of the department's intent.  The notice must include the specific reasons for the revocation.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 403.102 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 403 - Dividends|Subchapter C. Penalties|Section 403.102. Penalties for Certain Insurers

Sec. 403.102.  PENALTIES FOR CERTAIN INSURERS.  The department may revoke the charter of a life, health, fire, marine, or inland marine insurance company organized under the laws of this state that pays a dividend in violation of Sections 403.001 and 403.052.  If the department revokes a company's charter under this section, the department shall immediately revoke the company's certificate of authority.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.001 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.001. Definition

Sec. 404.001.  DEFINITION.  In this subchapter, "insurer" includes:(1)  a capital stock insurance company;(2)  a reciprocal or interinsurance exchange;(3)  a Lloyd's plan;(4)  a fraternal benefit society;(5)  a mutual company, including a mutual assessment company;(6)  a statewide mutual assessment company;(7)  a local mutual aid association;(8)  a burial association;(9)  a county mutual insurance company;(10)  a farm mutual insurance company;(11)  a fidelity, guaranty, or surety company;(12)  a title insurance company;(13)  a stipulated premium company;(14)  a group hospital service corporation;(15)  a health maintenance organization;(16)  a risk retention group; and(17)  any other organization or person engaged in the business of insurance.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.002 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.002. Applicability of Subchapter

Sec. 404.002.  APPLICABILITY OF SUBCHAPTER.  This subchapter applies to a person or organization engaged in the business of insurance without regard to whether the person or organization is listed in Section 404.001, unless another statute specifically cites this subchapter and exempts the person or organization from this subchapter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.003 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.003. Order to Remedy Condition

Sec. 404.003.  ORDER TO REMEDY CONDITION.  (a)  If the financial condition of an insurer, when reviewed as provided by Subsection (b), indicates a condition that might make the insurer's continued operation hazardous to the insurer's policyholders or creditors or to the public, the commissioner may, after notice and hearing, order the insurer to take action reasonably necessary to remedy the condition.(b)  The insurer's financial condition must be reviewed under Subsection (a) in conjunction with one or more of the following:(1)  the kinds and nature of risks insured;(2)  the loss experience and ownership of the insurer;(3)  the ratio of total annual premium and net investment income to commission expenses, general insurance expenses, policy benefits paid, and required policy reserve increases;(4)  the insurer's method of operation, affiliations, or investments;(5)  any contracts that lead or may lead to contingent liability; or(6)  agreements in respect to guaranty and surety.(c)  In an order issued under Subsection (a), the commissioner may take any action the commissioner considers reasonably necessary to remedy the condition described by Subsection (a), including:(1)  requiring an insurer to:(A)  reduce the total amount of present and potential liability for policy benefits by reinsurance;(B)  reduce the volume of new business accepted;(C)  suspend or limit writing new business for a period;(D)  reduce general insurance and commission expenses by specified methods; or(E)  increase the insurer's capital and surplus by contribution; or(2)  suspending or canceling the insurer's certificate of authority.(d)  The commissioner may use the remedies available under Subsection (c) in conjunction with the provisions of Chapter 83 if the commissioner determines that the financial condition of the insurer is hazardous and can be reasonably expected to cause significant and imminent harm to the insurer's policyholders or the public.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.004 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.004. Construction With Law Relating to Capital and Surplus

Sec. 404.004.  CONSTRUCTION WITH LAW RELATING TO CAPITAL AND SURPLUS.  The commissioner's authority under Section 404.003 to require an increase in an insurer's capital and surplus by contribution, and any capital and surplus requirements imposed by the commissioner under that section, prevail over:(1)  the capital and surplus requirements of:(A)  Sections 822.054, 822.201-822.203, 822.205, 822.210-822.212, 841.054, 841.201, 841.204, 841.205, 841.207, 884.206, 884.308, and 884.309; and(B)  Subchapter G, Chapter 841;(2)  any other provision of this code or other law establishing capital and surplus requirements for insurers; and(3)  any rule adopted under a law described by Subdivision (1) or (2). |Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.005 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.005. Standards and Criteria for Early Warning

Sec. 404.005.  STANDARDS AND CRITERIA FOR EARLY WARNING.  (a)  The commissioner by rule may:(1)  establish uniform standards and criteria for early warning that the continued operation of an insurer might be hazardous to the insurer's policyholders or creditors or to the public; and(2)  establish standards for evaluating the financial condition of an insurer.(b)  Standards established by the commissioner under this section must be consistent with the purposes of Section 404.003.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.006 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter A. Hazardous Financial Condition|Section 404.006. Agreement With Another Jurisdiction

Sec. 404.006.  AGREEMENT WITH ANOTHER JURISDICTION.  The commissioner may enter into an agreement with the insurance regulatory authority of another jurisdiction concerning the management, volume of business, expenses of operation, plans for reinsurance, rehabilitation, or reorganization, and method of operations of, and type of risks to be insured by, an insurer that is:(1)  licensed in the other jurisdiction; and(2)  considered to be in a hazardous financial condition or in need of a specific remedy that may be imposed by the commissioner and the insurance regulatory authority of the other jurisdiction.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.051 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter B. Impairment of Stock or Surplus|Section 404.051. Impairment Prohibited

Sec. 404.051.  IMPAIRMENT PROHIBITED.  (a)  The impairment of the capital stock of a stock insurance company is prohibited.(b)  Impairment of the following surpluses in excess of that provided by Section 404.053 is prohibited:(1)  the surplus of a stock insurance company; or(2)  the minimum required aggregate surplus of a:(A)  mutual company;(B)  Lloyd's plan; or(C)  reciprocal or interinsurance exchange.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.052 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter B. Impairment of Stock or Surplus|Section 404.052. Determination of Impairment

Sec. 404.052.  DETERMINATION OF IMPAIRMENT.  (a)  When determining under this subchapter whether the surplus or the minimum required aggregate surplus of an insurer is impaired, the commissioner shall charge against the insurer:(1)  the reinsurance reserve required by the laws of this state; and(2)  all other debts and claims against the insurer.(b)  This section does not apply to a life insurance company.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 404.053 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle A - General Provisions|Chapter 404 - Financial Condition|Subchapter B. Impairment of Stock or Surplus|Section 404.053. Remedy for Impairment

Sec. 404.053.  REMEDY FOR IMPAIRMENT.  (a)  The commissioner shall order an insurer to remedy an impairment of the insurer's surplus, aggregate surplus, or aggregate of guaranty fund and surplus, as applicable, by bringing the surplus to an acceptable level specified by the commissioner, or to cease engaging in business in this state, if the commissioner determines that:(1)  the surplus required by Section 822.054, 822.202, 822.203, 822.205, 822.210, 822.211, or 822.212 of a stock insurance company engaged in the kind of insurance business described by the company's certificate of authority:(A)  is impaired by more than 50 percent; or(B)  is less than the minimum level of surplus required by risk-based capital and surplus rules adopted by the commissioner; or(2)  the required aggregate of guaranty fund and surplus of a Lloyd's plan, or the required aggregate surplus of a reciprocal or interinsurance exchange or of a mutual company, other than a life insurance company, engaged in the kind of insurance business described by the insurer's certificate of authority:(A)  is impaired by more than 25 percent; or(B)  is less than the minimum level of surplus required by risk-based capital and surplus rules adopted by the commissioner.(b)  After issuing an order described by Subsection (a), the commissioner shall immediately institute any proceeding necessary to determine what further actions the commissioner will take in relation to the matter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 422.001 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 422 - Asset Protection Act|Subchapter A. General Provisions|Section 422.001. Short Title

Sec. 422.001.  SHORT TITLE.  This chapter may be cited as the Asset Protection Act.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 422.002 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 422 - Asset Protection Act|Subchapter A. General Provisions|Section 422.002. Purposes

Sec. 422.002.  PURPOSES.  (a)  The purposes of this chapter are to:(1)  require an insurer to maintain unencumbered assets in an amount equal to the insurer's policy reserve liabilities;(2)  provide preferential claims against assets in favor of an owner, beneficiary, assignee, certificate holder, or third-party beneficiary of an insurance policy; and(3)  prevent the pledge or encumbrance of assets in excess of certain amounts without a prior written order of the commissioner.(b)  This chapter and the powers granted and functions authorized by this chapter shall be exercised to accomplish the purposes of this chapter.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2021, 87th Leg., R.S., Ch. 61 (S.B. 1954), Sec. 1, eff. September 1, 2021.|