Texas Insurance Code Title 13, Chapter 4053 - Managing General Agents

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 4053.001 - Definitions
  In this chapter: (1) "Affiliate" means a person who is classified as an affiliate under Section 823.003(a). (2) "Insurer" means an insurance company, carrier, corporation,...
• Texas Section 4053.002 - Exception
  An agent licensed under Subchapter E, Chapter 981, Subchapters B-E or I, Chapter 4051, or Chapter 4056 is not a managing general agent unless the...
• Texas Section 4053.003 - Inapplicability Of Chapter
  This chapter does not apply to: (1) the transaction of the business of life, health, and accident insurance, including variable life insurance and variable annuity...
• Texas Section 4053.004 - Regulation Of Managing General Agents
  This title applies to the licensing and regulation of a person acting as a managing general agent. Added by Acts 2003, 78th Leg., ch. 1274,...

SUBCHAPTER B LICENSE REQUIREMENTS

• Texas Section 4053.005 - Rules
  The commissioner may adopt reasonable rules for the administration of this chapter. Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1,
• Texas Section 4053.051 - License Required; Exemptions
  (a) Except as provided by Subsection (b), a person, firm, or corporation may not act as a managing general agent unless the person, firm, or...
• Texas Section 4053.052 - Issuance Of Temporary Or Emergency License
  The commissioner may, without requiring an examination, issue a temporary or emergency license under this chapter to an applicant for a period not to exceed...
• Texas Section 4053.053 - Single License Required
  A license issued under this chapter entitles the license holder to represent or act for one or more insurers as a managing general agent. The...
• Texas Section 4053.054 - Notice And Approval Of Appointment
  (a) Each appointment to act as a managing general agent shall be reported to the commissioner on a form prescribed by the commissioner. (b) The...

SUBCHAPTER C POWERS AND DUTIES OF MANAGING GENERAL AGENTS

• Texas Section 4053.055 - Lapse Of License
  If a license holder is not appointed or under appointment to represent an insurer at the time the license is subject to renewal, the license...
• Texas Section 4053.101 - General Powers And Duties
  A managing general agent acting for an insurer may: (1) receive and pass on daily reports and monthly accounts; (2) receive and be responsible for...
• Texas Section 4053.102 - Contracts
  (a) An insurer may not accept business from a managing general agent and the agent may not place business with the insurer without a written...
• Texas Section 4053.103 - Account Report
  (a) At least once each calendar quarter, a managing general agent shall submit an account report to each insurer with whom the agent has a...
• Texas Section 4053.104 - Separate Records
  (a) For each insurer with which a managing general agent has a contract, the agent shall maintain separate records of the business handled by the...
• Texas Section 4053.105 - Escrow Account
  (a) A managing general agent shall maintain an escrow account in a bank that: (1) is a member of the Federal Reserve System; and (2)...
• Texas Section 4053.106 - Fiduciary Capacity
  A managing general agent holds money on behalf of an insured or insurer in a fiduciary capacity and shall properly account for that money as...
• Texas Section 4053.107 - Financial Examination
  (a) As the commissioner considers necessary, a managing general agent shall submit to an examination of the agent's financial condition and the agent's compliance with...
• Texas Section 4053.108 - Required Notices To Department
  (a) On forms prescribed by the department, a managing general agent shall notify the department not later than the 30th day after the date any...
• Texas Section 4053.109 - Reinsurance
  (a) A managing general agent may not knowingly cede, arrange, facilitate, or bind an insurer to reinsurance. (b) Notwithstanding Subsection (a), a managing general agent...

SUBCHAPTER D ENFORCEMENT

• Texas Section 4053.110 - Redemption Of Corporate Shares
  A corporation acting as a managing general agent may redeem the shares of a shareholder or a deceased shareholder: (1) on terms agreed on by...
• Texas Section 4053.151 - Disciplinary Action
  A person, firm, or corporation that violates this chapter or a rule or order adopted under this title, including this chapter, is subject to: (1)...
• Texas Section 4053.152 - Guaranty Fund Reimbursement
  (a) If a court finds by a final nonappealable judgment that a violation of this chapter by a managing general agent contributes materially to the...

Last modified: September 28, 2016