| (a) Notice to applicant. Within 120 days from receipt of an application for a company license, the agency shall determine an application to be complete or deficient and issue written notice to the applicant regarding the status of the application. For the purposes of this section, license means any certificate of authority granted by the agency pursuant to authority under the Insurance Code, Article 1.14. (1) Complete application. (A) The written notice for a complete application shall state that the application is complete and accepted for filing and shall include the information contained in subsection (b) of this section unless such information has previously been furnished to the applicant. (B) For purposes of this section, an application is complete upon agency determination that it is in compliance with the content and form prescribed by the agency. (2) Deficient application.
(A) The written notice for a deficient application shall state that the application is not complete, set out the specific additional information that is required for completion, and include the information contained in subsection (c) of this section. After one written notice of deficiency has been issued, another is not required for an application resubmitted in whole or in part with deficiencies. (B) In addition to notice issued under subparagraph (A) of this paragraph, the agency may notify the applicant, in any manner, of deficiencies in the application. (b) Processing of application. Within 180 days after receipt of a complete application, the agency shall grant or deny the company license. (c) Application disapproved. An application for a company license which is not complete within one year of the date of its receipt may be disapproved.
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