Sec. 823.453. VOIDING UNAUTHORIZED ACTION. If it appears to the commissioner that a person has entered into a transaction or performed an act before complying with the applicable provisions of this chapter or has obtained the commissioner's approval of or acquiescence in a transaction or act that is subject to this chapter based on a material fraudulent misrepresentation, misstatement, or omission, the commissioner, after notice and opportunity for a hearing, by order may void the transaction or act and return the parties to the position they would have occupied if the transaction or act had not occurred.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Chapter 823 - Insurance Holding Company Systems
Subchapter J. Civil Remedies and Sanctions
Section 823.452. Revocation, Suspension, or Nonrenewal of Insurer's Authority
Section 823.453. Voiding Unauthorized Action
Section 823.454. Administrative Penalty
Section 823.455. Equitable Relief
Section 823.456. Seizure or Sequestration of Voting Securities