1. (a) An individual licensed as an agent shall notify the department on a monthly basis of:

   1. (1) a change of the license holder's mailing address;
   2. (2) a felony conviction of the license holder; or
   3. (3) an administrative action taken against the license holder by a financial or insurance regulator of this state, another state, or the United States.

2. (b) A corporation or partnership licensed as an agent under this title shall file under oath, on a form developed by the department, biographical information for:

   1. (1) each executive officer, director, or unlicensed partner who administers the entity's operations in this state;
   2. (2) each shareholder who is in control of the corporation or partner who has the right or ability to control the partnership; and
   3. (3) if the corporation or partnership is owned, in whole or in part, by another entity, each individual who is in control of the parent entity.

3. (c) A corporation or partnership shall notify the department not later than the 30th day after the date of:

   1. (1) a felony conviction of a licensed agent of the entity or an individual associated with the entity who is required to file biographical information with the department;
   2. (2) an event for which notification would be required under Section 81.003; or
   3. (3) the addition or removal of an officer, director, partner, member, or manager.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.