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Current as of January 01, 2024 | Updated by Findlaw Staff
(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 may bind a facultative reinsurance contract in accordance with an obligatory facultative agreement if the contract with the insurer contains reinsurance underwriting guidelines including, for both assumed and ceded reinsurance:
(1) a list of reinsurers with whom the automatic agreements are in effect;
(2) the coverages and amounts or percentages that may be reinsured; and
(3) commission schedules.
(c) A managing general agent may not commit an insurer to participate in insurance or reinsurance syndicates.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 4053.109. Reinsurance - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-4053-109/
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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