Sec. 2210.505. REINSURED EXCESS LIMITS. (a) Notwithstanding any other law, the association may issue a windstorm and hail insurance policy that includes coverage for an amount in excess of a maximum liability limit established under Sections 2210.501-2210.504 if the association first obtains from a reinsurer approved by the commissioner reinsurance for the full amount of policy exposure above that limit.
(b) The premium charged by the association for the excess coverage must equal the amount of the reinsurance premium charged to the association by the reinsurer, plus any payment to the association that is approved by the commissioner.
(c) The commissioner shall adopt rules as necessary to implement this section.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Section: Previous 2210.453 2210.454 2210.455 2210.501 2210.502 2210.503 2210.504 2210.505 2210.506 2210.551 2210.554 2210.571 2210.572 2210.573 2210.5731 NextLast modified: September 28, 2016