2021 Texas Statutes
Insurance Code
Title 12 - Other Coverage
Chapter 3502 - Mortgage Guaranty Insurance
Subchapter C. Forms and Rates
Section 3502.107. Exemption; Withdrawal of Approval
Sec. 3502.107. EXEMPTION; WITHDRAWAL OF APPROVAL. (a) A policy form, related form, classification, or rule a mortgage guaranty insurer uses in this state, including for a policy described by Section 3502.104(b), is exempt from department approval.
(b) If the commissioner finds, after notice and hearing, that the filing of a policy form, related form, classification, or rule is no longer in the best interest of the public, the commissioner may issue an order:
(1) suspending the exemption under Subsection (a) with respect to one or more insurers that filed the form, classification, or rule; and
(2) requiring each affected insurer to cease and desist using the form, classification, or rule, as the commissioner specifies.
(c) If the commissioner finds, after notice and hearing, that a filed policy form or rate no longer meets the requirements of this code, the commissioner may issue an order withdrawing approval of the form or rate. The order must specify the reasons the form or rate no longer meets the requirements. An order under this subsection may not take effect until the 30th day after the date the commissioner issues the order.
(d) The commissioner must provide to each insurer that filed a form, classification, rule, or rate that is the subject of a hearing under this section notice of the hearing not later than the 20th day before the date of the hearing. The notice must specify the matters to be considered at the hearing.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.
