State Codes and Statutes
Statutes > Texas > Insurance-code > Title-13-regulation-of-professionals > Chapter-4007-notice-to-department-by-certain-property-and-casualty-insurance-companies-regarding-age
INSURANCE CODE
TITLE 13. REGULATION OF PROFESSIONALS
SUBTITLE A. GENERAL PROVISIONS
CHAPTER 4007. NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND
CASUALTY INSURANCE COMPANIES REGARDING AGENTS
Sec. 4007.001. APPLICABILITY OF CHAPTER. This chapter applies
only to an insurance company authorized to engage in the business
of insurance in this state under:
(1) a provision of:
(A) Chapter 5, 1805, or 2171; or
(B) Subtitle B, C, D, E, F, H, or I, Title 10; or
(2) Chapter 861, 862, 883, 911, 912, 941, 942, 984, or 3503.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
Sec. 4007.002. NOTICE TO DEPARTMENT REQUIRED. (a) On forms
prescribed by the commissioner, an insurance company shall notify
the department not later than the 30th day after the date on
which:
(1) balances due from an insurance agent for more than 90 days
exceed $1 million or 10 percent of the company's policyholder
surplus computed on December 31 of the preceding year or the most
recent quarter if a report is specifically required by the
department;
(2) an agent's authority to settle claims for the company is
withdrawn; or
(3) the contract with an agent is canceled or terminated.
(b) An insurance company may comply with the notification
requirement of Subsection (a)(1) by submitting a single annual
report if:
(1) the company routinely operates above the limit established
by Subsection (a)(1); and
(2) the commissioner verifies that fact under a procedure
adopted by the commissioner.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
State Codes and Statutes
Statutes > Texas > Insurance-code > Title-13-regulation-of-professionals > Chapter-4007-notice-to-department-by-certain-property-and-casualty-insurance-companies-regarding-age
INSURANCE CODE
TITLE 13. REGULATION OF PROFESSIONALS
SUBTITLE A. GENERAL PROVISIONS
CHAPTER 4007. NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND
CASUALTY INSURANCE COMPANIES REGARDING AGENTS
Sec. 4007.001. APPLICABILITY OF CHAPTER. This chapter applies
only to an insurance company authorized to engage in the business
of insurance in this state under:
(1) a provision of:
(A) Chapter 5, 1805, or 2171; or
(B) Subtitle B, C, D, E, F, H, or I, Title 10; or
(2) Chapter 861, 862, 883, 911, 912, 941, 942, 984, or 3503.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
Sec. 4007.002. NOTICE TO DEPARTMENT REQUIRED. (a) On forms
prescribed by the commissioner, an insurance company shall notify
the department not later than the 30th day after the date on
which:
(1) balances due from an insurance agent for more than 90 days
exceed $1 million or 10 percent of the company's policyholder
surplus computed on December 31 of the preceding year or the most
recent quarter if a report is specifically required by the
department;
(2) an agent's authority to settle claims for the company is
withdrawn; or
(3) the contract with an agent is canceled or terminated.
(b) An insurance company may comply with the notification
requirement of Subsection (a)(1) by submitting a single annual
report if:
(1) the company routinely operates above the limit established
by Subsection (a)(1); and
(2) the commissioner verifies that fact under a procedure
adopted by the commissioner.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
State Codes and Statutes
Statutes >
Texas >
Insurance-code >
Title-13-regulation-of-professionals >
Chapter-4007-notice-to-department-by-certain-property-and-casualty-insurance-companies-regarding-age INSURANCE CODE
TITLE 13. REGULATION OF PROFESSIONALS
SUBTITLE A. GENERAL PROVISIONS
CHAPTER 4007. NOTICE TO DEPARTMENT BY CERTAIN PROPERTY AND
CASUALTY INSURANCE COMPANIES REGARDING AGENTS
Sec. 4007.001. APPLICABILITY OF CHAPTER. This chapter applies
only to an insurance company authorized to engage in the business
of insurance in this state under:
(1) a provision of:
(A) Chapter 5, 1805, or 2171; or
(B) Subtitle B, C, D, E, F, H, or I, Title 10; or
(2) Chapter 861, 862, 883, 911, 912, 941, 942, 984, or 3503.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
Sec. 4007.002. NOTICE TO DEPARTMENT REQUIRED. (a) On forms
prescribed by the commissioner, an insurance company shall notify
the department not later than the 30th day after the date on
which:
(1) balances due from an insurance agent for more than 90 days
exceed $1 million or 10 percent of the company's policyholder
surplus computed on December 31 of the preceding year or the most
recent quarter if a report is specifically required by the
department;
(2) an agent's authority to settle claims for the company is
withdrawn; or
(3) the contract with an agent is canceled or terminated.
(b) An insurance company may comply with the notification
requirement of Subsection (a)(1) by submitting a single annual
report if:
(1) the company routinely operates above the limit established
by Subsection (a)(1); and
(2) the commissioner verifies that fact under a procedure
adopted by the commissioner.
Added by Acts 2007, 80th Leg., R.S., Ch.
730, Sec. 1I.001, eff. April 1, 2009.
Loading..
Close Window
Loading, Please Wait!
This may take a second or two.
