Texas Insurance Code

§ 941.154 — ASSUMPTION OF RISK BY CERTAIN AFFILIATED INSURERS

IN § 941.154Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 941. LLOYD'S PLAN · Art. D. OPERATION, POWERS, AND DUTIES OF LLOYD'S PLAN

Statute text

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An insurer who is subject to Article 5.26 may not directly or indirectly assume all or a substantial part of a risk covered by a policy written by a Lloyd's plan that is an affiliate of the insurer if the risk is written at a rate less than the rate that may be lawfully charged by:

(1)the insurer; or

(2)one of the insurer's affiliates that is subject to Article 5.26.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.