Section 407A.404 - Revocation of Certificate of Approval(a) After notice and an opportunity for a hearing, the commissioner may revoke a group's certificate of approval if the group:(1) is found to be insolvent;(2) fails to pay a tax, assessment, or special fund contribution imposed on the group; or(3) fails to comply in a timely manner with this chapter, a rule adopted under this chapter, or an order of the commissioner.(b) In addition, the commissioner may revoke a group's certificate of approval if, after notice and an opportunity for hearing, the commissioner determines that: (1) a certificate of approval issued to the group was obtained by fraud;(2) there was a material misrepresentation in the application for the certificate of approval; or(3) the group or its administrator has misappropriated, converted, illegally withheld, or refused to pay on proper demand any money that belongs to a member, an employee of a member, or a person otherwise entitled to the money and that has been entrusted to the group or its administrator in their fiduciary capacities.Tex. Lab. Code § 407A.404
Added by Acts 2003, 78th Leg., ch. 275, Sec. 1, eff. 9/1/2003.