SUBCHAPTER P. DISCIPLINARY ACTION AND PROCEDURES IN GENERAL

Sec. 912.751.  OFFICER OR DIRECTOR UNWORTHY OF TRUST:  REMOVAL AND REVOCATION OF CERTIFICATE OF AUTHORITY.  (a)  After notice and hearing, the commissioner shall order the removal of an officer or director of a county mutual insurance company holding a certificate of authority if the officer or director is found unworthy of the trust or confidence of the public.
(b)  If a county mutual insurance company does not remove an officer or director as required by an order issued under Subsection (a), the commissioner shall:
(1)  revoke the company's certificate of authority;  and
(2)  treat the company as insolvent.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.