| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R13172 T | |
| 2 | 2 | By: Meyer H.B. No. 2947 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the duty of a surplus lines insurance agent in the | |
| 8 | 8 | placement of a surplus lines insurance policy. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 981.004, Texas Insurance Code is amended | |
| 11 | 11 | by amending Subsection (a) and adding subsection (d), to read as | |
| 12 | 12 | follows: | |
| 13 | 13 | (a) An eligible surplus lines insurer may provide surplus | |
| 14 | 14 | lines insurance only if: | |
| 15 | 15 | (1) the full amount of required insurance cannot be | |
| 16 | 16 | obtained, after a diligent effort by the surplus lines agent | |
| 17 | 17 | placing the policy, from an insurer authorized to write and | |
| 18 | 18 | actually writing that kind and class of insurance in this state; | |
| 19 | 19 | (2) the insurance is placed through a surplus lines | |
| 20 | 20 | agent; and | |
| 21 | 21 | (3) the insurer meets the eligibility requirements of | |
| 22 | 22 | Subchapter B as of the inception date and annual anniversary date of | |
| 23 | 23 | each insurance contract, cover note, or other confirmation of | |
| 24 | 24 | insurance. | |
| 25 | 25 | (d) The surplus lines agent placing the policy shall | |
| 26 | 26 | maintain in the agent's files a record indicating the performance | |
| 27 | 27 | of the diligent effort required by subsection (a) of this section, | |
| 28 | 28 | available for inspection by the department. | |
| 29 | 29 | SECTION 2. This Act takes effect January 1, 2016. |