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Current as of January 01, 2024 | Updated by Findlaw Staff
(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 contract that addresses:
(1) the responsibilities of each party;
(2) cancellation or termination;
(3) reports, records, and auditing; and
(4) if applicable:
(A) premium volume limits;
(B) appointment or cancellation of agents;
(C) claims settlement;
(D) underwriting; and
(E) reinsurance.
(b) The commissioner may adopt rules establishing requirements for a contract with a managing general agent.
(c) A contract with a managing general agent and a report or record submitted under that contract are subject to review by the department under Section 38.001.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 4053.102. Contracts - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-4053-102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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