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Texas Insurance Code - INS § 4152.201. Contract Between Manager and Insurer

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

(a) A manager and an insurer represented by the manager may enter into a transaction only under a written contract that:

(1) is executed by a responsible officer of both the manager and the insurer;

(2) is approved by the insurer's board of directors or attorney in fact;

(3) specifies the responsibilities of each party;

(4) identifies the rate, terms, and purpose of each commission, charge, or other fee the manager may assess the insurer;  and

(5) at a minimum, incorporates the requirements of Sections 4152.202-4152.214.

(b) Not later than the 30th day before the date the insurer assumes or cedes business through the manager, a copy of the executed contract must be filed with the commissioner for approval.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 4152.201. Contract Between Manager and Insurer - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-4152-201/

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