84R13172 T
By: Meyer H.B. No. 2947
A BILL TO BE ENTITLED
AN ACT
relating to the duty of a surplus lines insurance agent in the
placement of a surplus lines insurance policy.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 981.004, Texas Insurance Code is amended
by amending Subsection (a) and adding subsection (d), to read as
follows:
(a) An eligible surplus lines insurer may provide surplus
lines insurance only if:
(1) the full amount of required insurance cannot be
obtained, after a diligent effort by the surplus lines agent
placing the policy, from an insurer authorized to write and
actually writing that kind and class of insurance in this state;
(2) the insurance is placed through a surplus lines
agent; and
(3) the insurer meets the eligibility requirements of
Subchapter B as of the inception date and annual anniversary date of
each insurance contract, cover note, or other confirmation of
insurance.
(d) The surplus lines agent placing the policy shall
maintain in the agent's files a record indicating the performance
of the diligent effort required by subsection (a) of this section,
available for inspection by the department.
SECTION 2. This Act takes effect January 1, 2016.