Sec. 2210.705. TRANSFER OF POLICIES. The commissioner shall by rule establish the procedure for the transfer of reinsured policies. The rule must provide that a reinsurance agreement include:
(1) an offer commencement date of December 1;
(2) the opportunity for the policyholder to opt out of the reinsurance agreement on or before May 31;
(3) a transfer of the earned premium on a reinsured policy to a trust account to be held until the expiration of the opt-out period described by Subdivision (2) when the earned premium for the final reinsured policy will be transferred to the reinsurer;
(4) a period of not less than 60 days for the agent of record to accept an appointment or other written agreement with the reinsurer; and
(5) any other requirements as the commissioner determines necessary for the protection of policyholders and the policyholders' agents.
Added by Acts 2015, 84th Leg., R.S., Ch. 615 (S.B. 900), Sec. 30, eff. September 1, 2015.
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