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Texas Insurance Code - INS § 2502.057. Certain Compensatory Payments Related to Certain Electric Energy Projects Permitted

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

(a) This section applies with respect to a utility project that is:

(1) designed to produce, generate, transmit, distribute, sell, or furnish electric energy;  and

(2) valued on completion at more than $25 million.

(b) A payment for furnishing title evidence for the issuance of a title insurance policy related to a project described by Subsection (a) may be:

(1) a flat fee or fee calculated on an hourly basis that:

(A) is payable on the date the title evidence is furnished;  and

(B) does not exceed $25,000;  or

(2) a portion of the title insurance premium:

(A) based on the percentage established by the commissioner for payment by a title insurance company, title insurance agent, or direct operation for services performed by another title insurance company, title insurance agent, or direct operation;  and

(B) payable on the date of the issuance of the policy for which the evidence is furnished.

(c) The payment must be:

(1) made by the proposed insured to the title insurance company, title insurance agent, or direct operation that furnishes the title evidence;  and

(2) credited against the title insurance premium charged for the issuance of the title insurance policy for which the evidence is furnished.

(d) Nothing in this section may be construed to allow the payment of an amount in violation of the premium rates promulgated or the division of premium established by the commissioner.

(e) This section does not apply to a payment to a reinsurer for the assumption of reinsurance described by Subchapter G, Chapter 2551.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2502.057. Certain Compensatory Payments Related to Certain Electric Energy Projects Permitted - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2502-057/

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