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Texas Insurance Code - INS § 2210.705. Transfer of Policies

Current as of January 01, 2024 | Updated by Findlaw Staff

The commissioner shall by rule establish the procedure for the transfer of reinsured policies.  The rules may not contain deadlines that require a property and casualty insurer or agent or a policyholder to take action or make a decision on or after June 1 or before December 1 in any year.  The rule must provide that a reinsurance agreement include:

(1) the opportunity for the policyholder to opt out of the reinsurance agreement not more than 60 days after the policyholder receives notice of the reinsurance agreement;

(2) 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 (1) when the earned premium for the final reinsured policy will be transferred to the reinsurer;

(3) 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

(4) any other requirements as the commissioner determines necessary for the protection of policyholders and the policyholders' agents.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2210.705. Transfer of Policies - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2210-705/

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