Texas Insurance Code

§ 942.154 — STATEMENTS RELATING TO INDEMNITY AMOUNTS

IN § 942.154Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 942. RECIPROCAL AND INTERINSURANCE EXCHANGES · Art. D. OPERATION, POWERS, AND DUTIES OF EXCHANGE

Statute text

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(a)The attorney in fact for an exchange shall file with the department a sworn statement that shows the maximum amount of indemnity on any single risk.

(b)The attorney in fact for an exchange shall, as required by the department, file with the department a sworn statement that:

(1)the attorney has examined the commercial rating of each subscriber, as established by the reference book of a commercial agency with at least 100,000 subscribers; and

(2)based on the examination or other information in the attorney's possession, it appears that no subscriber has assumed on any single risk an amount greater than 10 percent of that subscriber's net worth.

Legislative history

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