Sec. 981.223. MANAGING UNDERWRITERS. (a) A managing underwriter with whom an insurance policy is placed in the manner described by Section 225.006(b) shall maintain appropriate records and make the records available for inspection by the department and the comptroller, including records of:
(1) the name and address of the insured;
(2) the policy number and policy period;
(3) the name of the eligible surplus lines insurer;
(4) the gross premium charged for the insurance;
(5) the name of the surplus lines agent who placed the policy with the managing underwriter;
(6) the license number of the surplus lines agent who placed the policy with the managing underwriter; and
(7) an agreement, if any, under Section 225.006(c) that applies to the policy.
(b) A managing underwriter who acts as a surplus lines agent for a policy issued by an eligible surplus lines insurer shall maintain appropriate records and make the records available for inspection by the department and the comptroller, including the information listed in Subdivisions (a)(1) through (6). The records must reflect the name and license number of the managing underwriter as the surplus lines agent placing the policy.
(c) A managing underwriter may hold both a surplus lines agent license and a managing general agent license.
Added by Acts 2011, 82nd Leg., R.S., Ch. 837 (H.B. 3410), Sec. 3, eff. January 1, 2012.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 920 (H.B. 1405), Sec. 5, eff. January 1, 2014.
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