State Codes and Statutes

Statutes > Texas > Insurance-code > Title-4-regulation-of-solvency > Chapter-444-agency-contracts-with-certain-insurers

INSURANCE CODE

TITLE 4. REGULATION OF SOLVENCY

SUBTITLE C. DELINQUENT INSURERS

CHAPTER 444. AGENCY CONTRACTS WITH CERTAIN INSURERS

Sec. 444.001. REQUIRED CONTRACT PROVISION. An agency contract

entered into on or after August 27, 1973, by an insurer writing

fire and casualty insurance in this state must contain, or shall

be construed to contain, the following provision:

Notwithstanding any other provision of this contract, the

obligation of the agent to remit written premiums to the insurer

shall be changed on the commencement of a delinquency proceeding

as defined by Chapter 443, Insurance Code, as amended. After the

commencement of the delinquency proceeding, the obligation of the

agent to remit premiums is limited to premiums earned before the

cancellation date of insurance policies stated in the order of a

court of competent jurisdiction under Chapter 443, Insurance

Code, canceling the policies. The agent does not owe and may not

be required to remit to the insurer or to the receiver any

premiums that are unearned as of the cancellation date stated in

the order.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(rr), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.801 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(rr), eff. September 1, 2007.

Sec. 444.002. DISPOSITION OF PREMIUMS. (a) On or after the

cancellation date of insurance policies as stated in the court's

order canceling the policies, the agent shall promptly account to

the receiver for:

(1) all unearned premiums to be returned to the insured or the

replacement coverage to be obtained for the insured; and

(2) the earned premiums to be paid to the receiver.

(b) The agent shall:

(1) promptly return to an insured who paid the premiums any

unearned premiums in the possession of the agent on the

cancellation date of the policy; or

(2) with the approval of the insured, use the unearned premiums

to purchase new coverage for the insured with a different

insurer.

(c) The agent shall promptly remit to the receiver any earned

premiums in the possession of the agent.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 1, eff. April 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

730, Sec. 3B.004(a)(2), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Sec. 444.003. EFFECT OF CHAPTER ON ACTION BY RECEIVER AGAINST

AGENT. This chapter does not prejudice a cause of action by the

receiver against an agent to recover:

(1) unearned premiums that were not returned to policyholders;

or

(2) earned premiums that were not promptly remitted to the

receiver.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(ss), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.803 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(ss), eff. September 1, 2007.

Sec. 444.004. AGENT NOT RECEIVER'S AGENT. This chapter does not

render the agent an agent of the receiver for earned or unearned

premiums.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(tt), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.804 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(tt), eff. September 1, 2007.

State Codes and Statutes

Statutes > Texas > Insurance-code > Title-4-regulation-of-solvency > Chapter-444-agency-contracts-with-certain-insurers

INSURANCE CODE

TITLE 4. REGULATION OF SOLVENCY

SUBTITLE C. DELINQUENT INSURERS

CHAPTER 444. AGENCY CONTRACTS WITH CERTAIN INSURERS

Sec. 444.001. REQUIRED CONTRACT PROVISION. An agency contract

entered into on or after August 27, 1973, by an insurer writing

fire and casualty insurance in this state must contain, or shall

be construed to contain, the following provision:

Notwithstanding any other provision of this contract, the

obligation of the agent to remit written premiums to the insurer

shall be changed on the commencement of a delinquency proceeding

as defined by Chapter 443, Insurance Code, as amended. After the

commencement of the delinquency proceeding, the obligation of the

agent to remit premiums is limited to premiums earned before the

cancellation date of insurance policies stated in the order of a

court of competent jurisdiction under Chapter 443, Insurance

Code, canceling the policies. The agent does not owe and may not

be required to remit to the insurer or to the receiver any

premiums that are unearned as of the cancellation date stated in

the order.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(rr), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.801 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(rr), eff. September 1, 2007.

Sec. 444.002. DISPOSITION OF PREMIUMS. (a) On or after the

cancellation date of insurance policies as stated in the court's

order canceling the policies, the agent shall promptly account to

the receiver for:

(1) all unearned premiums to be returned to the insured or the

replacement coverage to be obtained for the insured; and

(2) the earned premiums to be paid to the receiver.

(b) The agent shall:

(1) promptly return to an insured who paid the premiums any

unearned premiums in the possession of the agent on the

cancellation date of the policy; or

(2) with the approval of the insured, use the unearned premiums

to purchase new coverage for the insured with a different

insurer.

(c) The agent shall promptly remit to the receiver any earned

premiums in the possession of the agent.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 1, eff. April 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

730, Sec. 3B.004(a)(2), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Sec. 444.003. EFFECT OF CHAPTER ON ACTION BY RECEIVER AGAINST

AGENT. This chapter does not prejudice a cause of action by the

receiver against an agent to recover:

(1) unearned premiums that were not returned to policyholders;

or

(2) earned premiums that were not promptly remitted to the

receiver.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(ss), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.803 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(ss), eff. September 1, 2007.

Sec. 444.004. AGENT NOT RECEIVER'S AGENT. This chapter does not

render the agent an agent of the receiver for earned or unearned

premiums.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(tt), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.804 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(tt), eff. September 1, 2007.


State Codes and Statutes


Back To Homepage

State Codes and Statutes

Statutes > Texas > Insurance-code > Title-4-regulation-of-solvency > Chapter-444-agency-contracts-with-certain-insurers

INSURANCE CODE

TITLE 4. REGULATION OF SOLVENCY

SUBTITLE C. DELINQUENT INSURERS

CHAPTER 444. AGENCY CONTRACTS WITH CERTAIN INSURERS

Sec. 444.001. REQUIRED CONTRACT PROVISION. An agency contract

entered into on or after August 27, 1973, by an insurer writing

fire and casualty insurance in this state must contain, or shall

be construed to contain, the following provision:

Notwithstanding any other provision of this contract, the

obligation of the agent to remit written premiums to the insurer

shall be changed on the commencement of a delinquency proceeding

as defined by Chapter 443, Insurance Code, as amended. After the

commencement of the delinquency proceeding, the obligation of the

agent to remit premiums is limited to premiums earned before the

cancellation date of insurance policies stated in the order of a

court of competent jurisdiction under Chapter 443, Insurance

Code, canceling the policies. The agent does not owe and may not

be required to remit to the insurer or to the receiver any

premiums that are unearned as of the cancellation date stated in

the order.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(rr), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.801 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(rr), eff. September 1, 2007.

Sec. 444.002. DISPOSITION OF PREMIUMS. (a) On or after the

cancellation date of insurance policies as stated in the court's

order canceling the policies, the agent shall promptly account to

the receiver for:

(1) all unearned premiums to be returned to the insured or the

replacement coverage to be obtained for the insured; and

(2) the earned premiums to be paid to the receiver.

(b) The agent shall:

(1) promptly return to an insured who paid the premiums any

unearned premiums in the possession of the agent on the

cancellation date of the policy; or

(2) with the approval of the insured, use the unearned premiums

to purchase new coverage for the insured with a different

insurer.

(c) The agent shall promptly remit to the receiver any earned

premiums in the possession of the agent.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 1, eff. April 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

730, Sec. 3B.004(a)(2), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.802 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Sec. 444.003. EFFECT OF CHAPTER ON ACTION BY RECEIVER AGAINST

AGENT. This chapter does not prejudice a cause of action by the

receiver against an agent to recover:

(1) unearned premiums that were not returned to policyholders;

or

(2) earned premiums that were not promptly remitted to the

receiver.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(ss), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.803 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(ss), eff. September 1, 2007.

Sec. 444.004. AGENT NOT RECEIVER'S AGENT. This chapter does not

render the agent an agent of the receiver for earned or unearned

premiums.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

730, Sec. 3B.004(tt), eff. September 1, 2007.

Redesignated from Insurance Code, Section 442.804 by Acts 2007,

80th Leg., R.S., Ch.

921, Sec. 9.004(a)(2), eff. September 1, 2007.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 9.004(tt), eff. September 1, 2007.


Disclaimer
There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Copyright © 2017 Laws.com | All rights reserved

Loading..

Close Window

Loading, Please Wait!

This may take a second or two.