Tex. Ins. Code § 4053.102

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 4053.102 - Contracts

(a) An insurer may not accept business from a managing general agent and the agent may not place business with the insurer without a written contract that addresses:

(1) the responsibilities of each party;

(2) cancellation or termination;

(3) reports, records, and auditing; and

(4) if applicable:

(A) premium volume limits;

(B) appointment or cancellation of agents;

(C) claims settlement;

(D) underwriting; and

(E) reinsurance.

(b) The commissioner may adopt rules establishing requirements for a contract with a managing general agent.

(c) A contract with a managing general agent and a report or record submitted under that contract are subject to review by the department under Section 38.001.

Tex. Ins. Code § 4053.102

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. 4/1/2005.