{"data":{"id":"us-tx/tex.-insurance-code-4007.002","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 4007.002","heading":"NOTICE TO DEPARTMENT REQUIRED.","body":"(a) On forms prescribed by the commissioner, an insurance company shall notify the department not later than the 30th day after the date on which:\n(1) balances due from an insurance agent for more than 90 days exceed $1 million or 10 percent of the company's policyholder surplus computed on December 31 of the preceding year or the most recent quarter if a report is specifically required by the department;\n(2) an agent's authority to settle claims for the company is withdrawn; or\n(3) the contract with an agent is canceled or terminated.\n(b) An insurance company may comply with the notification requirement of Subsection (a)(1) by submitting a single annual report if:\n(1) the company routinely operates above the limit established by Subsection (a)(1); and\n(2) the commissioner verifies that fact under a procedure adopted by the commissioner.\nAdded by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1I.001, eff. April 1, 2009.","path":["INSURANCE CODE","TITLE 13. REGULATION OF PROFESSIONALS","SUBTITLE A. GENERAL PROVISIONS","CHAPTER 4007. NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND CASUALTY INSURANCE COMPANIES REGARDING AGENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4007.htm#4007.002","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"67159937ec6f50a55a1bdbb193a8e29c87471577395b9980037c78538110417b","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-4007.001","next":"us-tx/tex.-insurance-code-4008.001"},"notice":"GroundRules: Original legal text. Not legal advice."}