Texas Insurance Code 4001.252 – Notification to Department of Certain Information
(a) An individual licensed as an agent shall notify the department on a monthly basis of:
(1) a change of the license holder’s mailing address;
(2) a felony conviction of the license holder; or
(3) an administrative action taken against the license holder by a financial or insurance regulator of this state, another state, or the United States.
(b) A corporation or partnership licensed as an agent under this title shall file under oath, on a form developed by the department, biographical information for:
(1) each executive officer, director, or unlicensed partner who administers the entity’s operations in this state;
(2) each shareholder who is in control of the corporation or partner who has the right or ability to control the partnership; and
(3) if the corporation or partnership is owned, in whole or in part, by another entity, each individual who is in control of the parent entity.
Terms Used In Texas Insurance Code 4001.252
- Conviction: A judgement of guilt against a criminal defendant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) A corporation or partnership shall notify the department not later than the 30th day after the date of:
(1) a felony conviction of a licensed agent of the entity or an individual associated with the entity who is required to file biographical information with the department;
(2) an event for which notification would be required under Section 81.003; or
(3) the addition or removal of an officer, director, partner, member, or manager.