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(a) Except as provided by Subsection (b), a residential service company shall maintain a funded reserve against its liability to provide repair and replacement services under its outstanding residential service contracts written in this state.
(b) Except as provided by Section 1303.152(d), a residential service company is not required to maintain a funded reserve if it insures all of its risk under its outstanding residential service contracts written in this state under a reimbursement insurance policy issued by:
(1) an admitted insurer; or
(2) a surplus lines insurer or a surplus lines bonding company if the insurer or bonding company:
(A) is rated A+ or better by a rating service recognized by the commission; and
(B) submits to the commission for its approval evidence, in the form of a certified audit and other pertinent information the commission may require, of the insurer's or bonding company's ability to meet its contractual obligations.
Certified pistachios are those that meet the inspection and certification requirements under this part.
Cite this article: FindLaw.com - Texas Occupations Code - OCC § 1303.151. Reserve or Reimbursement Insurance Policy Required - last updated April 14, 2021 | https://codes.findlaw.com/tx/occupations-code/occ-sect-1303-151.html
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