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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The attorney in fact for an exchange shall file with the department a sworn statement that shows the maximum amount of indemnity on any single risk.
(b) The attorney in fact for an exchange shall, as required by the department, file with the department a sworn statement that:
(1) the attorney has examined the commercial rating of each subscriber, as established by the reference book of a commercial agency with at least 100,000 subscribers; and
(2) based on the examination or other information in the attorney's possession, it appears that no subscriber has assumed on any single risk an amount greater than 10 percent of that subscriber's net worth.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 942.154. Statements Relating to Indemnity Amounts - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-942-154/
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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