Texas Insurance Code
§ 441.351 — AGENTS OF RECORD
IN § 441.351Title 4. REGULATION OF SOLVENCY · Part C. DELINQUENT INSURERS · Ch. 441. SUPERVISION AND CONSERVATORSHIP · Art. H. AGENTS OF RECORD FOR CERTAIN INSUREDS
Statute text
View on source(a)Unless otherwise prohibited, the supervisor, conservator, or receiver of an insurer shall provide to the insured's agent of record a copy of each communication provided to an insured if, in the judgment of the supervisor, conservator, or receiver, providing the copy will serve to materially protect the interests of policyholders. The supervisor, conservator, or receiver may also request the assistance of any statewide association of insurance agents in providing to the association's members information that, in the judgment of the supervisor, conservator, or receiver, may serve to materially protect policyholders' interests.
(b)If the supervisor, conservator, or receiver sells a delinquent insurer's policies to another insurer, the purchaser shall:
(1)recognize the pecuniary interest of the agent of record in the policies being sold, regardless of whether the purchaser customarily conducts the purchaser's business through insurance agents;
(2)conduct the purchaser's business with the insured through the agent of record; and
(3)provide to the agent of record a written limited agency contract providing the terms that apply to the conduct of their business together.
(c)A limited agency contract provided under Subsection (b) must provide a level of commission that is reasonable, adequate, and nonconfiscatory.
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Legislative history
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.