Texas Insurance Code - Section 101.001. State Policy And Purpose
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§ 101.001. STATE POLICY AND PURPOSE. (a) It is a state
concern that many residents of this state hold insurance policies
issued by persons or insurers who are not authorized to do insurance
business in this state and who are not qualified as eligible surplus
lines insurers under Article 1.14-2. These residents face often
insurmountable obstacles in asserting legal rights under the
policies in foreign forums under unfamiliar laws and rules of
practice.
(b) It is the policy of this state to protect residents
against acts by a person or insurer who is not authorized to do
insurance business in this state by:
(1) maintaining fair and honest insurance markets;
(2) protecting the premium tax revenues of this state;
(3) protecting authorized persons and insurers, who
are subject to strict regulation, from unfair competition by
unauthorized persons and insurers; and
(4) protecting against evasion of the insurance
regulatory laws of this state.
(c) The purpose of this chapter is to subject certain
insurers and persons to the jurisdiction of:
(1) the commissioner and proceedings before the
commissioner; and
(2) the courts of this state in suits by or on behalf
of the state or an insured or beneficiary under an insurance
contract.
(d) It is also a concern that this state not become a safe
harbor for persons or insurers engaged in the unauthorized business
of insurance in this state, regardless of whether the insureds or
other persons affected by the unauthorized business of insurance
are residents of this state.
Added by Acts 1999, 76th Leg., ch. 101, § 1, eff. Sept. 1, 1999.
Amended by Acts 2001, 77th Leg., ch. 671, § 1, eff. Sept. 1,
2001; Acts 2001, 77th Leg., ch. 1419, § 0, 21, eff. June 1, 2003;
Acts 2001, 77th Leg., ch. 1420, § 11.005, eff. Sept. 1, 2001.
Section: 85.001 85.051 85.052 86.001 86.002 86.051 86.052 101.001 101.002 101.003 101.004 101.051 101.052 101.053 101.054
Last modified: August 11, 2007
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