Texas Insurance Code - Section 463.114. Summary Document; Disclaimer
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§ 463.114. SUMMARY DOCUMENT; DISCLAIMER. (a) The
association shall prepare a summary document describing the general
purposes and limitations of this chapter and amend the document as
necessary to comply with this chapter. The document must clearly
and conspicuously contain on the document's face a disclaimer that:
(1) states the name and address of the association and
department;
(2) warns the policy or contract holder that:
(A) the association may not cover the policy; or
(B) coverage, if available, is subject to
substantial limitations and exclusions and requires continuous
residence in this state;
(3) states that an insurer and the insurer's agent are
prohibited by law from using the association's existence to sell,
solicit, or induce the purchase of any kind of insurance;
(4) warns the policy or contract holder not to rely on
association coverage in selecting an insurer; and
(5) provides other information the commissioner
prescribes.
(b) The association shall submit the document to the
commissioner for approval.
(c) At the expiration of the 60th day after approval of the
document, an insurer may not deliver a policy or contract with
respect to which this chapter provides coverage as determined under
Subchapter E to a policy or contract holder before a copy of the
summary document is delivered to the policy or contract holder. The
document must also be available on request of a policyholder.
(d) The distribution, delivery, content, or interpretation
of a summary document does not guarantee that a policy or contract
or a policy or contract holder is provided coverage by this chapter
if a member insurer becomes impaired or insolvent. Failure to
receive the document does not give an insured or policy, contract,
or certificate holder any rights greater than those provided by
this chapter.
(e) An insurer or agent may not deliver a policy or contract
described by Section 463.202 that is excluded from the coverage
provided by this chapter by Section 463.203 unless the insurer or
agent, either before or in conjunction with delivery, gives the
policy or contract holder a separate written notice clearly and
conspicuously disclosing that the policy or contract is not covered
by the association.
(f) The commissioner shall specify by rule the form and
content of the disclaimer required by Subsection (a) and the notice
required by Subsection (e).
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.107 463.108 463.109 463.110 463.111 463.112 463.113 463.114 463.151 463.152 463.153 463.154 463.155 463.156 463.157
Last modified: August 11, 2007
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