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Texas Insurance Code - INS § 541.301. Refund of Premiums

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

(a) After notice and hearing as provided in Subchapter C,  1the department may require a person to make an accounting under Subsection (b):

(1) in connection with a method of competition or act or practice that is the basis of a cease and desist order issued under Section 541.108; or

(2) on application of an aggrieved person, in connection with a determination by the department that the aggrieved person and other persons similarly situated were induced to purchase an insurance policy as a result of the person engaging in a method of competition or act or practice in violation of:

(A) this chapter or a rule adopted under this chapter; or

(B) Section 17.46, Business & Commerce Code.

(b) A person required to make an accounting under this section must account for all premiums collected for policies issued by the person during the preceding two years in connection with the acts in violation of this chapter described by Subsection (a)(1) or (2).

(c) The department may require the person described by Subsection (a) to:

(1) give notice to all persons from whom the premiums were collected; and

(2) refund the total of all premiums collected from each person who elects to accept a premium refund in exchange for cancellation of the insurance policy issued.

(d) A person who refunds premiums under this section shall deduct from the amount of premiums refunded the amount of benefits actually paid by the person while the insurance policy was in force.

1 V.T.C.A., Insurance Code § 541.101 et seq.
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Cite this article: FindLaw.com - Texas Insurance Code - INS § 541.301. Refund of Premiums - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-541-301/

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