By: Creighton S.B. No. 1012
(Paul, Fallon)
A BILL TO BE ENTITLED
AN ACT
relating to notification by an insurer of certain disciplinary
actions imposed on the insurer for a violation of the insurance laws
of another state.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 81.003(b), Insurance Code, is amended to
read as follows:
(b) An insurer shall notify the commissioner and shall
deliver a copy of any applicable order or judgment to the
commissioner not later than the 30th day after the date of the:
(1) suspension or revocation of the insurer's right to
transact business in another state; or
(2) receipt of an order to show cause why the insurer's
license in another state should not be suspended or revoked[; or
[(3) imposition of a penalty, forfeiture, or sanction
on the insurer for a violation of the insurance laws of another
state].
SECTION 2. This Act takes effect September 1, 2017.