85th Texas Legislature, Regular Session, House Bill 2492, Chapter 854 Page: 2 of 12
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(3) the insurer meets the eligibility
H.B. No. 2492
requirements of2 Subchapter B or B-1 as of the inception date and annual anniversary
3 date of each insurance contract, cover note, or other confirmation
4 of insurance.SECTION 4.
Section
981.006, Insurance Code, is amended to
6 read as follows:
Sec. 981.006.
SANCTIONS.
Chapter
82 applies to a surplus
8 lines agent or an eligible surplus lines insurer that violates:
9 (1) this chapter;
10 (2) Chapter 225; or
11 (3) a rule or order adopted under Subchapter B or B-1
12 or Section 981.005.SECTION 5.
Chapter
981, Insurance
Code, is amended
14 adding Subchapter B-1 to read as follows:
15 SUBCHAPTER B-1. DOMESTIC SURPLUS LINES INSURERSec. 981.071.
DEFINITION.
In this subchapter,
"domestic
17 surplus
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19
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21
22
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24
25
26lines insurer" means an insurance company designated as a
domestic surplus lines insurer under Section 981.072.
Sec. 981.072. DESIGNATION AS DOMESTIC SURPLUS LINES
INSURER. (a) A property and casualty insurance company organized
under Chapter 822 that has capital and surplus in an amount
described by Section 981.057 may apply to the department in a form
and manner prescribed by the commissioner for designation as a
domestic surplus lines insurer.
(b) On approval of an application under Subsection (a), the
commissioner shall designate an applicant as a domestic surplus2
1
5
7
13
16
by
27 lines insurer and issue to the applicant a domestic surplus lines
- __
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Texas. Legislature. House of Representatives. 85th Texas Legislature, Regular Session, House Bill 2492, Chapter 854, legislative document, June 15, 2017; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1050792/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.