Tex.
Ins. Code Section 2201.156
Examination of Financial Condition; Dissolution or Delinquency Proceedings
(a)
A risk retention group not chartered in this state must submit to an examination by the commissioner to determine the group’s financial condition if the commissioner of insurance of the jurisdiction in which the group is chartered and authorized to engage in business has not initiated an examination on or before the 60th day after the date the commissioner of this state requests an examination.(b)
The commissioner shall:(1)
coordinate the examination under Subsection (a) to avoid unjustified repetition; and(2)
conduct the examination in an expeditious manner under Sections 401.051 (Duty to Examine Carriers), 401.052 (Frequency of Examination), 401.054-401.062, 401.103-401.106, 401.151 (Expenses of Examination of Domestic Insurer), 401.152 (Expenses of Examination of Other Insurers), 401.155 (Additional Assessments), and 401.156 (Deposit and Use of Assessment and Fee) and Chapters 86 (Revocation or Modification of Certificate of Authority; Authority to Bring Certain Actions) and 803 (Location of Books, Records, Accounts, and Offices Outside of This State) in accordance with the National Association of Insurance Commissioners Financial Condition Examiner’s Handbook.(c)
A risk retention group not chartered in this state that engages in business in this state must comply with an order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the commissioner or by a commissioner of another jurisdiction if, after an examination under this section, there is a finding that the group is financially impaired.(b)
A risk retention group not chartered in this state and the group’s agents and representatives shall comply with Chapter 542 (Processing and Settlement of Claims).
Source:
Section 2201.156 — Examination of Financial Condition; Dissolution or Delinquency Proceedings, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2201.htm#2201.156 (accessed May 11, 2024).
