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Texas Insurance Code - INS § 941.003. Limited Exemption from Insurance Laws;  Application of Certain Laws

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

(a) A Lloyd's plan is exempt from the operation of all insurance laws of this state except as specifically provided in this chapter or unless it is specifically provided in the other law that the law is applicable.

(b) A Lloyd's plan is subject to:

(1) Subchapter A, Chapter 5, Chapter 254, Subchapters A and B, Chapter 1806, and Subtitle C, Title 10;  1

(2) Articles 5.35, 5.39, and 5.40;

(3) Article 5.13-2, as provided by that article, Chapter 2251, as provided by that chapter, and Chapter 2301, as provided by that chapter;

(4) Chapters 251, 252, 402, 541, and 2253;

(5) Subchapter A, Chapter 401;  2

(6) Subchapter B, Chapter 404;  3

(7) Subchapter C, Chapter 1806;  4  and

(8) Sections 38.001, 501.159, 822.203, 822.205, 822.210, 822.212, 2002.005, 2002.051, and 2002.052.

(c) Chapter 2007 applies to rates for motor vehicle insurance written by a Lloyd's plan.

(d) Underwriters and their attorney in fact are subject to Sections 822.051, 822.057, 822.058, 822.059, 822.060, and 822.201, except that:

(1) the articles of agreement executed by the underwriters are instead of the articles of incorporation;  and

(2) the aggregate of the guaranty fund and unencumbered surplus of the Lloyd's plan constitutes capital structure for purposes of Section 822.060.

(e) A Lloyd's plan is subject to Chapter 2210, as provided by that chapter.

1  V.T.C.A. Insurance Code, art. 5.01 et seq., §§ 1806.001 et seq. and 1806.051 et seq., and 1951.001 et seq.
2  V.T.C.A., Insurance Code § 401.001 et seq.
3  V.T.C.A., Insurance Code § 404.051 et seq.
4  V.T.C.A., Insurance Code § 1806.101 et seq.
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Cite this article: FindLaw.com - Texas Insurance Code - INS § 941.003. Limited Exemption from Insurance Laws;  Application of Certain Laws - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-941-003/

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