Officer Or Director Unworthy of Trust: Removal and Revocation of Certificate of Authority

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.