Texas Insurance Code - Section 101.201. Validity Of Insurance Contracts
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 101.201. Validity Of Insurance Contracts
§ 101.201. VALIDITY OF INSURANCE CONTRACTS. (a) An
insurance contract effective in this state and entered into by an
unauthorized insurer is unenforceable by the insurer. A person who
in any manner assisted directly or indirectly in the procurement of
the contract is liable to the insured for the full amount of a claim
or loss under the terms of the contract if the unauthorized insurer
fails to pay the claim or loss.
(b) This section does not apply to insurance procured by a
licensed surplus lines agent from an eligible surplus lines insurer
as defined by Chapter 981 and independently procured contracts of
insurance, as described in Section 101.053(b)(4), that are reported
and on which premium tax is paid in accordance with Chapter 225 or
226.
Added by Acts 1999, 76th Leg., ch. 101, § 1, eff. Sept. 1, 1999.
Amended by Acts 2001, 77th Leg., ch. 1420, § 11.012, eff. Sept.
1, 2001; Acts 2003, 78th Leg., ch. 1274, § 16, eff. April 1,
2005.
Section: 101.106 101.151 101.152 101.153 101.154 101.155 101.156 101.201 101.202 101.203 101.301 101.351 101.352 101.353 101.354
Last modified: August 11, 2007
|
