Sec. 401.007. EXEMPTION FOR CERTAIN FOREIGN OR ALIEN INSURERS OR HEALTH MAINTENANCE ORGANIZATIONS. (a) A foreign or alien insurer or health maintenance organization that files an audited financial report in another state in accordance with that state's requirements for audited financial reports may be exempt from filing a report under this subchapter if the commissioner finds that the other state's requirements are substantially similar to the requirements prescribed by this subchapter.
(b) An insurer or health maintenance organization exempt under this section shall file with the commissioner a copy of:
(1) the audited financial report, the report on significant deficiencies in internal controls, and the accountant's letter of qualifications filed with the other state; and
(2) any notification of adverse financial conditions report filed with the other state.
(c) The reports and letter required by Subsection (b)(1) must be filed in accordance with the filing dates prescribed by Sections 401.004 and 401.019. The report required by Subsection (b)(2) must be filed in accordance with the filing date prescribed by Section 401.017.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle A - General Provisions
Chapter 401 - Audits and Examinations
Subchapter A. Independent Audit of Financial Statements
Section 401.002. Purpose of Subchapter
Section 401.003. Effect of Subchapter on Authority to Examine
Section 401.004. Filing and Extensions for Filing of Audited Financial Report
Section 401.006. Exemption for Certain Small Insurers and Health Maintenance Organizations
Section 401.007. Exemption for Certain Foreign or Alien Insurers or Health Maintenance Organizations
Section 401.008. Hardship Exemption
Section 401.009. Contents of Audited Financial Report
Section 401.010. Requirements for Financial Statements in Audited Financial Report
Section 401.011. Qualifications of Accountant; Acceptance of Audited Financial Report
Section 401.012. Hearing on Accountant Qualifications; Replacement of Accountant
Section 401.013. Accountant's Letter of Qualifications
Section 401.014. Registration of Accountant
Section 401.015. Resignation or Dismissal of Accountant; Statement Concerning Disagreements
Section 401.016. Audited Combined or Consolidated Financial Statements
Section 401.017. Notice of Adverse Financial Condition or Misstatement of Financial Condition
Section 401.018. Information Discovered After Date of Audited Financial Report
Section 401.019. Report on Significant Deficiencies in Internal Control