(a) A petition may be submitted to the commissioner to adopt, amend, or repeal a rule. The petition must be:
(1) signed by 100 interested persons; and
(2) supported by evidence that:
(A) a particular act or practice has been or could be false, misleading, or deceptive to the insurance buying public; or
(B) an act or practice defined by department rule to be false, misleading, or deceptive is not false, misleading, or deceptive.
(b) Not later than the 30th day after the date the department receives the petition, the department shall:
(1) deny the petition as provided by Section 541.403; or
(2) initiate hearing proceedings under Section 541.404.