Texas Insurance Code

§ 981.007 — LIABILITY OF SURPLUS LINES INSURER FOR LOSSES AND UNEARNED PREMIUMS

IN § 981.007Title 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)This section applies if:

(1)an eligible surplus lines insurer has assumed a risk under this chapter; and

(2)the surplus lines agent who placed the insurance has received the premium for that risk.

(b)If a coverage question between the eligible surplus lines insurer and the insured arises regarding the assumed risk, the insurer is considered to have received the premium due for that coverage.

(c)The eligible surplus lines insurer is liable to the insured for any:

(1)loss covered by the insurance; and

…

Legislative history

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