(a) In addition to the requirements under Section 407A.051, the commissioner may require a service company providing claim services to furnish a performance bond of $250,000 in the form prescribed by the commissioner.
(b) In lieu of a performance bond under Subsection (a), a security deposit of cash or securities acceptable to the commissioner may be deposited with the commissioner to be held in the state treasury.
Added by Acts 2003, 78th Leg., ch. 275, § 1, eff. Sept. 1, 2003.
Acts 2005, 79th Leg., Ch. 1055 (H.B. 1353), § 3, eff. September 1, 2005.