Texas Insurance Code

§ 981.001 — PURPOSE

IN § 981.001Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part I. SURPLUS LINES INSURERS; COMPANIES NOT ORGANIZED IN TEXAS · Ch. 981. SURPLUS LINES INSURANCE · Art. A. GENERAL PROVISIONS

Statute text

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(a)An insurance transaction that is entered into by a resident of this state with an eligible surplus lines insurer through a surplus lines agent because of difficulty in obtaining coverage from an authorized insurer is a matter of public interest.

(b)The transaction of surplus lines insurance is a subject of concern and it is necessary to provide for the regulation, taxation, supervision, and control of these transactions and the practices and matters related to these transactions by:

(1)requiring appropriate standards and reports concerning the placement of surplus lines insurance;

(2)imposing requirements necessary to make regulation and control of surplus lines insurance reasonably complete and effective;

(3)providing orderly access to eligible surplus lines insurers;

(4)ensuring the maintenance of fair and honest markets;

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 595 (S.B. 951), Sec. 1, eff. June 14, 2013.