Texas Insurance Code - Section 441.351. Agents Of Record
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§ 441.351. AGENTS OF RECORD. (a) Unless otherwise
prohibited, the supervisor, conservator, or receiver of an insurer
shall provide to the insured's agent of record a copy of each
communication provided to an insured if, in the judgment of the
supervisor, conservator, or receiver, providing the copy will serve
to materially protect the interests of policyholders. The
supervisor, conservator, or receiver may also request the
assistance of any statewide association of insurance agents in
providing to the association's members information that, in the
judgment of the supervisor, conservator, or receiver, may serve to
materially protect policyholders' interests.
(b) If the supervisor, conservator, or receiver sells a
delinquent insurer's policies to another insurer, the purchaser
shall:
(1) recognize the pecuniary interest of the agent of
record in the policies being sold, regardless of whether the
purchaser customarily conducts the purchaser's business through
insurance agents;
(2) conduct the purchaser's business with the insured
through the agent of record; and
(3) provide to the agent of record a written limited
agency contract providing the terms that apply to the conduct of
their business together.
(c) A limited agency contract provided under Subsection (b)
must provide a level of commission that is reasonable, adequate,
and nonconfiscatory.
(d) This subchapter does not prohibit the agent of record
from renewing with another insurer an insurance policy purchased by
an insurer from a delinquent insurer.
(e) This section does not apply to:
(1) a life, accident, or health insurance policy or
contract delivered or issued for delivery by an insurer that is
subject to any provision of a law specified in Section 841.002 or
any provision of Chapter 882, 884, 887, 888, or 982;
(2) a contract or certificate delivered or issued for
delivery by a group hospital service corporation organized under
Chapter 842; or
(3) a contract or evidence of coverage delivered or
issued for delivery by a health maintenance organization operating
under a certificate of authority issued under Chapter 843.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 441.251 441.252 441.253 441.254 441.255 441.301 441.302 441.351 442.001 442.002 442.003 442.004 442.051 442.052 442.053
Last modified: August 10, 2007
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