reglab/housing_qa huggingface dataset:
TX Ins Code § 4152.053 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.053. Application

Sec. 4152.053.  APPLICATION.  (a)  An application for a reinsurance intermediary license may not be accepted unless the application shows on its face that the applicant has been engaged in the business of insurance or reinsurance for at least three years.(b)  Each person authorized under Section 4152.057 to act as a reinsurance intermediary under a reinsurance intermediary license issued to an entity must be named in the application and any supplement to the application.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.054 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.054. Service of Notice, Orders, and Process

Sec. 4152.054.  SERVICE OF NOTICE, ORDERS, AND PROCESS.  (a)  An applicant for a reinsurance intermediary license who is not a resident of this state must:(1)  designate the commissioner as agent for service of process in the manner, and with the same legal effect, as provided by Chapter 804 for service of process on unauthorized insurers;  and(2)  provide the commissioner with the name and address of a resident of this state on whom a notice or order of the commissioner or process affecting the applicant may be served.(b)  A license holder who is a nonresident shall notify the commissioner in writing of each change in the license holder's designated agent under Subsection (a)(2) not later than the 30th day after the date on which the license holder makes the change.  The change does not take effect until acknowledged by the commissioner.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.055 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.055. Fees

Sec. 4152.055.  FEES.  (a)  The department shall collect a nonrefundable licensing fee from each reinsurance intermediary who applies for an original or renewal license in this state.(b)  The commissioner shall set the fees for original, renewal, and reciprocal licenses in amounts that are reasonable and necessary to cover the costs of the licensing program.(c)  The fees shall be deposited to the credit of the Texas Department of Insurance operating account.  Money deposited in the account under this subsection may be used by the department only to enforce this chapter.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.056 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.056. License Issuance

Sec. 4152.056.  LICENSE ISSUANCE.  The commissioner shall issue a reinsurance intermediary license to a person who complies with this chapter.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.057 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.057. Persons Authorized to Act Under License

Sec. 4152.057.  PERSONS AUTHORIZED TO ACT UNDER LICENSE.  (a)  A reinsurance intermediary license issued to a firm or association authorizes each member of the firm or association and any designated employee to act as a reinsurance intermediary under the license.(b)  A reinsurance intermediary license issued to a corporation authorizes each officer and any designated employee or director of the corporation to act as a reinsurance intermediary under the license.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.058 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.058. Bond or Errors and Omissions Policy

Sec. 4152.058.  BOND OR ERRORS AND OMISSIONS POLICY.  (a)  The commissioner may require a reinsurance intermediary to:(1)  file a bond with the commissioner for the protection of all insurers represented;  or(2)  maintain an errors and omissions policy.(b)  The issuer of the bond or the errors and omissions policy must be acceptable to the commissioner.  The bond or the policy must be in an amount determined by the commissioner to be customary and adequate under the circumstances.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.059 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter B. License Requirements|Section 4152.059. License Expiration and Renewal

Sec. 4152.059.  LICENSE EXPIRATION AND RENEWAL.  (a)  A reinsurance intermediary license is valid for two years from the date of issuance and may be renewed for two-year terms.(b)  The commissioner may adopt standards for the renewal of a reinsurance intermediary license.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.101 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter C. Examination of Reinsurance Intermediaries|Section 4152.101. Examination by Commissioner

Sec. 4152.101.  EXAMINATION BY COMMISSIONER.  (a)  A reinsurance intermediary is subject to examination by the commissioner of the reinsurance intermediary's:(1)  financial condition;  and(2)  compliance with the laws of this state affecting the conduct of the reinsurance intermediary's business.(b)  A manager may be examined as if the manager were an insurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.102 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter C. Examination of Reinsurance Intermediaries|Section 4152.102. Access to and Maintenance of Books, Bank Accounts, and Records

Sec. 4152.102.  ACCESS TO AND MAINTENANCE OF BOOKS, BANK ACCOUNTS, AND RECORDS.  (a)  The commissioner is entitled to access to all books, bank accounts, and records of a reinsurance intermediary.(b)  A reinsurance intermediary shall maintain books, bank accounts, and records in a form usable by the commissioner.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.103 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter C. Examination of Reinsurance Intermediaries|Section 4152.103. Conduct of Examination

Sec. 4152.103.  CONDUCT OF EXAMINATION.  The commissioner, one or more commissioned examiners, a certified public accountant, or another person qualified to perform the examination shall conduct an examination under this subchapter as the commissioner considers necessary.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.104 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter C. Examination of Reinsurance Intermediaries|Section 4152.104. Examination Expense

Sec. 4152.104.  EXAMINATION EXPENSE.  (a)  A reinsurance intermediary who is examined under this subchapter shall pay an amount for the expense of the examination that the commissioner certifies as just and reasonable.(b)  Expenses relating to an examination conducted under this subchapter may be charged to the person examined in accordance with Sections 401.151, 401.152, 401.155, and 401.156.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2J.005, eff. April 1, 2009.|
TX Ins Code § 4152.151 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter D. Requirements Relating to Brokers|Section 4152.151. Contract Between Broker and Insurer

Sec. 4152.151.  CONTRACT BETWEEN BROKER AND INSURER.  (a)  A broker and an insurer represented by the broker may enter into a transaction only under a written contract that:(1)  is executed by a responsible officer of both the broker and the insurer;  and(2)  specifies the responsibilities of each party.(b)  At a minimum, a contract entered into under this section must:(1)  authorize the insurer to terminate the broker's authority in writing at any time;(2)  require the broker to:(A)  provide accounts to the insurer at least quarterly that accurately detail all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the broker;(B)  pay all money due the insurer not later than the 30th day after the date of receipt;(C)  hold all money collected for the insurer's account in a fiduciary capacity in a bank that is a qualified United States financial institution;  and(D)  if premiums or contributions are collected on behalf of or for more than one insurer:(i)  maintain records to identify the ownership interest of each insurer in money held in a fiduciary capacity;  and(ii)  provide to each insurer on request a copy of the records relating to deposits and withdrawals on behalf of or for that insurer;(3)  state that the broker will:(A)  comply with:(i)  Section 4152.153;  and(ii)  the written standards established by the insurer for the cession or retrocession of risks ceded;(B)  disclose to the insurer any relationship with a reinsurer to which business will be ceded or retroceded;  and(C)  provide annually to each insurer with whom the broker transacts business an audited statement of the broker's financial condition prepared by a certified public accountant;(4)  identify:(A)  the name and address of the insurer;(B)  the kinds of insurance to be reinsured or retroceded;(C)  the type of reinsurance or retrocessions;  and(D)  the limits of coverage;  and(5)  state the effective date and expiration date of the contract.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.152 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter D. Requirements Relating to Brokers|Section 4152.152. Placement of Reinsurance With Unauthorized Reinsurer

Sec. 4152.152.  PLACEMENT OF REINSURANCE WITH UNAUTHORIZED REINSURER.  Unless the ceding insurer releases the broker in writing from the broker's obligations under this section, a broker who places reinsurance on behalf of an authorized ceding insurer with a reinsurer that is not authorized, accredited, or trusteed in this state under Chapter 493 shall:(1)  exercise due diligence in inquiring into the financial condition of the reinsurer;(2)  disclose to the ceding insurer the broker's findings in connection with the inquiry under Subdivision (1); and(3)  make available to the ceding insurer a copy of the current financial statement of the reinsurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2J.006, eff. April 1, 2009.Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.14, eff. September 1, 2017.|
TX Ins Code § 4152.153 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter D. Requirements Relating to Brokers|Section 4152.153. Transaction Records

Sec. 4152.153.  TRANSACTION RECORDS.  (a)  For at least 10 years after the expiration of each contract of reinsurance transacted by a broker, the broker shall maintain a complete record for each transaction that contains:(1)  the type of contract, limits, underwriting restrictions, classes of risks, and territory;(2)  the period of coverage, including effective and expiration dates, cancellation provisions, and notice requirements regarding cancellation;(3)  reporting and settlement requirements regarding balances;(4)  the rate used to compute the reinsurance premium;(5)  the name and address of each ceding or assuming insurer;(6)  the rates of all reinsurance commissions, including the commissions on any retrocessions handled by the broker;(7)  related correspondence and memoranda;(8)  proof of placement;(9)  details regarding retrocessions handled by the broker, including the identity and address of each retrocessionaire and the respective percentage of each contract assumed or ceded;(10)  financial records, including premium and loss accounts;  and(11)  if the broker procures a reinsurance contract on behalf of an authorized ceding insurer:(A)  written evidence that the assuming insurer has agreed to assume the risk if the contract is procured directly from an assuming insurer;  or(B)  written evidence that the reinsurer has delegated binding authority to the representative who has agreed to assume the risk and that the representative is qualified to act as a manager under this chapter if the contract is procured through a representative of the assuming insurer, other than an employee.(b)  Each insurer subject to a contract of reinsurance transacted by a broker is entitled to access to the information maintained by the broker under Subsection (a) and may copy and audit all accounts and records maintained by the broker related to the insurer's business.  The broker shall maintain the information in a form usable by the insurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.154 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter D. Requirements Relating to Brokers|Section 4152.154. Employment of Person by Insurer and Broker

Sec. 4152.154.  EMPLOYMENT OF PERSON BY INSURER AND BROKER.  A person may not be employed by an insurer and a broker with whom the insurer transacts business unless the broker is:(1)  under common control with the insurer;  and(2)  subject to Chapter 823.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.201 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.201. Contract Between Manager and Insurer

Sec. 4152.201.  CONTRACT BETWEEN MANAGER AND INSURER.  (a)  A manager and an insurer represented by the manager may enter into a transaction only under a written contract that:(1)  is executed by a responsible officer of both the manager and the insurer;(2)  is approved by the insurer's board of directors or attorney in fact;(3)  specifies the responsibilities of each party;(4)  identifies the rate, terms, and purpose of each commission, charge, or other fee the manager may assess the insurer;  and(5)  at a minimum, incorporates the requirements of Sections 4152.202-4152.214.(b)  Not later than the 30th day before the date the insurer assumes or cedes business through the manager, a copy of the executed contract must be filed with the commissioner for approval.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.202 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.202. Termination of Contract

Sec. 4152.202.  TERMINATION OF CONTRACT.  An insurer may:(1)  terminate a contract entered into under Section 4152.201 for cause on written notice to the manager by certified mail, return receipt requested;  and(2)  suspend the authority of the manager to assume or cede business during any dispute regarding the cause for termination.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.203 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.203. Accounting for Transactions

Sec. 4152.203.  ACCOUNTING FOR TRANSACTIONS.  A manager who enters into a contract with an insurer under Section 4152.201 shall provide accounts to the insurer at least quarterly that accurately detail all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the manager.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.204 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.204. Management of Money

Sec. 4152.204.  MANAGEMENT OF MONEY.  (a)  A manager shall pay an insurer at least monthly all money due the insurer under a contract entered into under Section 4152.201.(b)  The manager must hold all money collected for the insurer's account in a fiduciary capacity in a bank that is a qualified United States financial institution.  The manager may not retain more than three months of estimated claims payments and allocated loss adjustment expenses.(c)  If premiums or contributions are collected on behalf of or for more than one insurer, the manager shall:(1)  keep a separate account for each insurer;(2)  maintain a copy of the records for each account;  and(3)  provide to each insurer on request a copy of the records relating to deposits and withdrawals on behalf of or for that insurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.205 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.205. Transaction Records

Sec. 4152.205.  TRANSACTION RECORDS.  (a)  For at least 10 years after the expiration of each reinsurance contract transacted by a manager, the manager shall maintain a complete record for each transaction that contains:(1)  the type of contract, limits, underwriting restrictions, classes of risks, and territory;(2)  the period of coverage, including effective and expiration dates, cancellation provisions and notice requirements regarding cancellation, and disposition of outstanding reserves on covered risks;(3)  reporting and settlement requirements regarding balances;(4)  the rate used to compute the reinsurance premium;(5)  the name and address of each ceding or assuming insurer;(6)  the rates of all reinsurance commissions, including the commissions on any retrocessions handled by the manager;(7)  related correspondence and memoranda;(8)  proof of placement;(9)  details regarding retrocessions handled by the manager, as permitted by Section 4152.254, including the identity and address of each retrocessionaire and the respective percentage of each contract assumed;(10)  financial records, including premium and loss accounts;  and(11)  if the manager procures a reinsurance contract on behalf of a ceding insurer:(A)  written evidence that the assuming insurer has agreed to assume the risk if the contract is procured directly from an assuming insurer;  or(B)  written evidence that the reinsurer has delegated binding authority to the representative who has agreed to assume the risk and that the representative is qualified to act as a manager under this chapter if the contract is procured through a representative of the assuming insurer, other than an employee.(b)  Each insurer is entitled to access to the information maintained by the manager and may copy all accounts and records maintained by the manager related to the insurer's business.  The manager shall maintain the information in a form usable by the insurer.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.206 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.206. Contract Assignment Prohibited

Sec. 4152.206.  CONTRACT ASSIGNMENT PROHIBITED.  A manager may not assign in whole or in part a contract entered into under Section 4152.201.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.207 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.207. Compliance With Underwriting and Rating Standards of Insurer

Sec. 4152.207.  COMPLIANCE WITH UNDERWRITING AND RATING STANDARDS OF INSURER.  A manager shall comply with the written underwriting and rating standards established by an insurer with whom the manager has entered into a contract under Section 4152.201 for the acceptance, rejection, or cession of all risks.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|
TX Ins Code § 4152.208 (2021)
2021 Texas Statutes|Insurance Code|Title 13 - Regulation of Professionals|Subtitle D - Other Professionals|Chapter 4152 - Reinsurance Intermediaries|Subchapter E. Requirements Relating to Managers|Section 4152.208. Settlement of Claims

Sec. 4152.208.  SETTLEMENT OF CLAIMS.  (a)  This section applies only to a contract entered into under Section 4152.201 that permits a manager to settle claims on behalf of an insurer.(b)  All claims must be reported to the insurer at least quarterly.(c)  The manager shall send a copy of the claim file to the insurer at the insurer's request or as soon as it is known that the claim:(1)  has the potential to exceed the lesser of:(A)  an amount determined by the commissioner;  or(B)  the limit set by the insurer;(2)  involves a coverage dispute;(3)  may exceed the manager's claims settlement authority;(4)  has been open for more than six months;  or(5)  has been closed by payment of the lesser of:(A)  an amount determined by the commissioner;  or(B)  the limit set by the insurer.(d)  A claim file is the joint property of the insurer and manager, except that on an order of liquidation of the insurer the file becomes the sole property of the insurer or the insurer's estate.  The manager is entitled to reasonable access to the claim file and may copy the file on a timely basis.(e)  Any settlement authority granted to the manager may be terminated for cause on the insurer's written notice by certified mail, return receipt requested, to the manager or on the termination of the contract.  The insurer may suspend the settlement authority during any dispute regarding the cause of termination.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.|