Texas Specific Insurance Information

Question 1

Who regulates the insruance industry in Texas?

Answer 1

Texas Department of Insurance
(TDI)

Question 2

What must insruers have before transacting insurance business in Texas

Answer 2

A certificate of authority

Issued by TDI

Question 3

How frequently does TDI examine the business affairs and financial condition of authorized insurers in Texas

Answer 3

At least once every 5 years or as often as necessary

Question 4

What is the term length of the TDI commissioner?

Answer 4

2 years

(appointed position)

Question 5

What must the commissioner do before revoking a certificate of authority?

Answer 5

• Give an insurer 10 days notice
• Explain the reasons for doing so

Question 6

How soon can the commissioner schedule a hearing to penalize a licensee for violating the insurance code?

Answer 6

No sooner than 21 days after giving notice to the licensee

Question 7

How soon must a hearing take place for a licensee affected by a cease and desist order or other penalty?

Answer 7

10 days unless the commissioner and the licensee agree to a later date

Question 8

When may a licensee affected by a cease and desist order or other penalty request a hearing?

Answer 8

Within 30 days of the order

Question 9

How long does an insurer or agent have to respond to TDI regarding an iquery of its financial condition or any matter involving its business transactions?

Answer 9

10 days

Question 10

How soon must a producer report suspicions of faudulent insurance acts to TDI?

Answer 10

In writing within 30 days