(a) An IRO must notify the department of an agreement
to sell or transfer the ownership of the IRO, or shares in the IRO,
no later than 60 days before the date of the sale or transfer of ownership.
The IRO must use the IRO application form. The IRO must file the notification
with the department at the following address: Texas Department of
Insurance, Mail Code 103-6A, P.O. Box 149104, Austin, Texas 78714-9104.
The IRO must submit the following information with the notification:
(1) name of the purchaser and, in compliance with §1.503
and §1.504 of this title, a complete and legible set of fingerprints
for each officer of the purchaser and for each owner or shareholder
of the purchaser, or if the purchaser is publicly held, each owner
or shareholder of more than 5 percent of any of the purchaser's stock
or options as described by Insurance Code §4202.004(a)(1), and
any additional information necessary to comply with Insurance Code §4202.004(d);
and
(2) any material changes including, but not limited
to, policies and procedures, physical address, personnel, or operating
locations with the notice of intent to sell or transfer ownership.
(b) The IRO may complete the sale or transfer of ownership
only after the department has sent written confirmation that the requirements
under Insurance Code Chapter 4202 and this chapter have been satisfied.
(c) An IRO must continue to perform all duties before
the date the sale or transfer of ownership of the IRO is finalized.
Notification of the impending sale of an IRO does not negate the IRO's
obligation to continue to perform its duties in compliance with Insurance
Code Chapters 1305 and 4202, Labor Code Title 5, and applicable department
and TDI-DWC rules.
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