Texas Insurance Code 401.051 – Duty to Examine Carriers
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(a) The department or an examiner appointed by the department shall visit at the carrier’s principal office:
(1) each carrier that is organized under the laws of this state; and
(2) each other carrier that is authorized to engage in business in this state.
(b) The department or an examiner appointed by the department may visit the carrier for the purpose of investigating the carrier’s affairs and condition. The department or an examiner appointed by the department shall examine the carrier’s financial condition and ability to meet the carrier’s liabilities and compliance with the laws of this state that affect the conduct of the carrier’s business.
Terms Used In Texas Insurance Code 401.051
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) The department or an examiner appointed by the department may conduct the visit and examination of a carrier described by Subsection (a)(2) alone or with representatives of the insurance supervising departments of other states.