(a) The commissioner may request that an assuming insurer not meeting the requirements of Section 493.102 file:
- (1) financial statements certified and audited by an independent certified public accountant;
- (2) a certified copy of the certificate or letter of authority from the domiciliary jurisdiction; and
- (3) information on the principals and management of the assuming insurer.
- (b) If an assuming insurer does not comply with a request under this section, the commissioner may issue a directive prohibiting all authorized insurers from taking credit for business ceded to the assuming insurer after the effective date of the directive.
- (c) An unauthorized insurer that is included in the most recent quarterly listing published by the International Insurers Department of the National Association of Insurance Commissioners is considered to have complied with a request under this section.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.