reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter B - LICENSING AND REGULATION › Section 25.29 - Name Change

Current through Reg. 49, No. 28; July 12, 2024
(a) A licensee may
				  change the name of the licensed insurance premium finance company by filing a
				  supplemental application, Form PF1A, with the Department not less than 30 days
				  prior to name change. The application shall include the following as
				  applicable:
(1) List of Principals (Form
				  PF2);
(2) Current insurance premium
				  finance company license;
(3) $20
				  processing fee;
(4) Amended
				  Appointment of Statutory Agent and Consent to Service (Form PF6);
(5) A copy of the notice to be mailed to all
				  insureds notifying of the change of name. This notice must be approved by the
				  Texas Department of Insurance prior to mailing and must include the old name,
				  proposed new name, effective date, physical address, mail address and phone
				  number;
(6) Current Franchise Tax
				  Certificate of Good Standing or letter of exemption issued by the Texas
				  Comptroller of Public Accounts;
(7)
				  A copy of the amendment to the Articles of Incorporation or Organization
				  complete with original certification from the office of the Secretary of State
				  or the equivalent office in other states;
(8) A certified copy of amendment to the
				  Bylaws;
(9) A certified copy of the
				  resolution minutes authorizing the name change;
(10) Certified copy of Assumed Name
				  Certificate as on file with the County Clerk(s) and/or Secretary of
				  State;
(11) A certified copy of the
				  amendment to the partnership agreement authorizing the name change.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter B - LICENSING AND REGULATION › Section 25.30 - Renewal

Current through Reg. 49, No. 28; July 12, 2024
Each licensee shall file a renewal application, FORM PF1C,
					 with the Department. The renewal form must be postmarked on or before December
					 31st and shall be accompanied by the following as applicable:
(1) $200 renewal fee;
(2) Current Franchise Tax Certificate of Good
				  Standing or letter of exemption issued by the Texas Comptroller of Public
				  Accounts.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter B - LICENSING AND REGULATION › Section 25.31 - Insurance Premium Finance Business Operation Forms

Current through Reg. 49, No. 28; July 12, 2024
(a) The Department shall review and approve,
				  prior to use, all insurance premium finance business forms submitted as part of
				  the initial application for license. Thereafter, each licensee shall insure
				  that any business form used complies with the requirements of the Insurance
				  Code, Chapter 24, and this chapter.
(b) An Insurance Premium Finance Agreement
				  form, a Memorandum of Agreement form, a notice of Premium Finance Agreement
				  form, a Notice of Intent to Cancel form, a Notice of Cancellation form, and a
				  Reinstatement Request form shall accompany each license application. The forms
				  shall reflect the applicant's preprinted information including the insurance
				  premium finance company's name, physical address, mailing address and telephone
				  number.
(c) The format of the
				  Insurance Premium Finance Agreement shall be in accordance with the Insurance
				  Code, Article 24.11.
(d) The format
				  of the Memorandum of Agreement form shall be in accordance with the Insurance
				  Code, Article 24.11(h).
(e) The
				  format of the Notice of Premium Finance Agreement form shall be in accordance
				  with the Insurance Code, Article 24.22. The form must include:
(1) Insured's name and mailing
				  address;
(2) Agent's name and
				  mailing address;
(3) Insurance
				  company's name and mailing address;
(4) Policy number, term and inception
				  date;
(5) Amount financed;
				  and
(6) Person to whom the funds
				  were paid.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter B - LICENSING AND REGULATION › Section 25.32 - Financial Responsibility

Current through Reg. 49, No. 28; July 12, 2024
(a) Each
				  license application shall be accompanied by a sworn financial statement for
				  each individual, partner or corporation, as applicable, disclosing the
				  applicant's financial condition and reflecting net assets for use in the
				  insurance premium finance business of not less than $25,000. As used here, "net
				  assets" means the total value of assets available for use in the business, less
				  liabilities other than those liabilities secured by assets which are not
				  acceptable for meeting the financial requirements under this section. The
				  financial statement shall also disclose any existing or anticipated lines of
				  credit for the applicant's use in the business or indicate that there are
				  none.
(b) Unacceptable assets
				  include, but are not limited to, goodwill, unpaid stock subscription, lines of
				  credit, property subject to the claim of homestead, and encumbered real or
				  personal property to the extent of the encumbrance. Valuations of accounts
				  receivable shall be adjusted by adequate reserves for unearned charges and bad
				  debts.
(c) Each licensee shall at
				  all times be required to maintain net assets for use in the insurance premium
				  finance business of not less than $25,000 for each location that is
				  licensed.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter B - LICENSING AND REGULATION › Section 25.33 - Summary of Fees

Current through Reg. 49, No. 28; July 12, 2024
The Department shall collect, and the person affected shall
					 pay to the Department, the following fees:
(1) $400--Initial license investigation
				  fee;
(2) $200--Initial license fee
				  for licenses issued January 1 through June 30;
(3) $100--Initial license fee for licenses
				  issued July 1 through December 31;
(4) $200--Investigation fee for change of
				  ownership;
(5) $200--Additional
				  location license fee;
(6)
				  $20--Relocation fee;
(7) $20--Name
				  change fee;
(8) $20--Duplicate
				  license fee;
(9) $200--License
				  Renewal fee.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.41 - Unacceptable Loans

Current through Reg. 49, No. 28; July 12, 2024
Notice of adverse action shall be sent to the insured,
					 giving reasons for denial of any insurance premium finance agreement, as
					 required by Regulation B of the Equal Credit Opportunity Act,
					 15 United States Code
					 §§1691 et seq. Notice that the loan
					 was denied shall be sent to the agent, but shall not include the reasons for
					 denial.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.42 - Rate and Refund Chart

Current through Reg. 49, No. 28; July 12, 2024
Each insurance premium finance company shall establish and
					 maintain a rate and refund chart which complies with the authorized rates
					 required by the Credit Code, Chapters 3 and 4, and the Insurance Code, Chapter
					 24. A copy of the rate and refund chart prepared by the insurance premium
					 finance company shall be made available for review and inspection upon request
					 by an examiner of the Department. The rate and refund chart shall also be made
					 available to the insured upon request.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.43 - Acceptance or Rejection

Current through Reg. 49, No. 28; July 12, 2024
An insurance premium finance company may not alter any
					 insurance premium finance agreement unless agreed to by the insured. The
					 insurance premium finance company shall return any unacceptable agreement to
					 the agent from whom it was received within three working days of the date of
					 receipt.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.44 - Prompt Processing Required

Current through Reg. 49, No. 28; July 12, 2024
An insurance premium finance company shall exercise
					 reasonable care in the processing of insurance premium finance agreements and
					 shall promptly pay amounts due under such agreements. Reasonable time for
					 processing of insurance premium finance agreements shall be within five working
					 days after acceptance. If this time limitation cannot be met, the insurance
					 premium finance company shall give notice of the delay to both insured and
					 agent before the expiration of the five day period.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.45 - Duplication of Loans

Current through Reg. 49, No. 28; July 12, 2024
A licensee may make more than one insurance premium finance
					 loan agreement with the same insured. However, no licensee shall induce or
					 permit any person to be obligated directly or indirectly under more than one
					 insurance premium finance agreement concurrently, for the purpose of obtaining
					 a higher authorized charge than would otherwise be permitted.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.46 - Quotation of Net Payoffs

Current through Reg. 49, No. 28; July 12, 2024
When an insured or co-obligor asks the licensee for the net
					 amount necessary to pay the insured's indebtedness in full, the licensee shall
					 quote the requested information to the person making such
					 inquiry.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.47 - Policies Issued through the Texas Medical Liability Insurance Underwriting Association

Current through Reg. 49, No. 28; July 12, 2024
Insurance coverage provided by authority of the Insurance
					 Code, Article 21.49-3 (Texas Medical Liability Insurance Underwriting
					 Association Act) may not be financed in conjunction with other types of
					 insurance under a single insurance premium finance agreement, but must be
					 financed by a separate agreement.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.48 - Notification of Account Adjustment to Insured

Current through Reg. 49, No. 28; July 12, 2024
The insured shall be promptly advised by the insurance
					 premium finance company of any adjustments made to the account balance and of
					 any changes in the repayment schedule.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.49 - Increase in Financed Premiums

Current through Reg. 49, No. 28; July 12, 2024
The insurance premium finance agreement may contain a
					 provision for amendment if increased or additional premiums are financed
					 through use of a memorandum of agreement. Otherwise, any amendment financing
					 increased or additional premiums shall be authorized by the signature of the
					 insured at the time the insurance premium finance agreement is
					 amended.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.50 - Premium Decrease Due to Improper Rating

Current through Reg. 49, No. 28; July 12, 2024
Decrease in the premium due to an improperly rated policy,
					 improperly calculated premium, or any other premium reduction shall be
					 effective on the date the insurance premium finance company received the return
					 premium from the insurance company and shall be handled as follows:
(1) credit the amount of return premium to
				  the insured's account balance as a current payment and reduce in like amount
				  the insured's next payment(s) due. No reduction of the original finance charge
				  is necessary when the credit of return premium is given in this manner;
				  or
(2) credit the return premium on
				  the insured's account balance plus finance charge credit on the returned
				  premium equal to the difference between the amount of finance charge initially
				  charged and the amount that should have been charged at the same finance charge
				  rate on the reduced amount financed. The insured's repayment schedule shall be
				  revised to reflect smaller monthly payments due to the reduction of the account
				  balance or the finance charge and premium credits shall be applied to the final
				  maturing installments;
(3) the
				  insurance premium finance company shall notify the insured of the decrease in
				  premium, the effective date of the decrease and the method chosen to reflect
				  the insured's reduced repayment obligation.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.51 - Changes in Finance Rate

Current through Reg. 49, No. 28; July 12, 2024
When amending an insurance premium finance agreement, the
					 agent or insurance premium finance company may not charge the insured a rate
					 which exceeds that permitted under the Credit Code. When an increase in the
					 principal amount financed creates a total amount financed greater than that
					 permitted on the original loan made under either Article 5069-3.15 or 5069-3.16
					 of the Credit Code, the finance charge rate on the insurance premium finance
					 agreement shall be reduced so as not to exceed the maximum amount permitted
					 under the Texas Credit Code. This shall apply regardless of whether an
					 additional finance charge is charged on the additional
					 premium.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.52 - Effective Date of Adjusted Premium Finance Changes

Current through Reg. 49, No. 28; July 12, 2024
Any increases or decreases in premiums of a policy financed
					 under an insurance premium finance agreement due to changes in the policy
					 subsequent to the inception date of the policy shall be considered effective,
					 for finance charge adjustment purposes, on the date the insurance premium
					 finance company receives the return premium from the insurance company or
					 advances additional premium to the insurance company.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.53 - Computation of Finance Charge upon Cancellation

Current through Reg. 49, No. 28; July 12, 2024
If an insurance premium finance agreement is to be prepaid
					 by return premium due to cancellation of the financed policy, the finance
					 charge stops accruing on the date the return premium is received by the
					 insurance premium finance company on that part of the outstanding indebtedness
					 equal to the return premium.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.54 - Finance Charge Earnings upon Acceleration

Current through Reg. 49, No. 28; July 12, 2024
If an insurance premium finance agreement contains a
					 provision whereby the insurance premium finance company may accelerate the
					 maturity of the contract for reasonable cause, other than default of the
					 insured in making payment, and the insurance premium finance company exercises
					 this right, the insurance premium finance company shall credit the insured's
					 account with the amount of unearned finance charge as of the date of
					 acceleration. The insurance premium finance company shall be entitled to
					 collect additional interest under the premium finance agreement, from the date
					 of acceleration at the lawful rate of charge provided in the premium finance
					 agreement for interest after maturity. Likewise, an insurance premium finance
					 company is only entitled to earn and collect interest at the lawful rate
					 stipulated in the premium finance agreement as interest after maturity (or 6.0%
					 per annum as authorized by law) when the insurance premium finance company
					 accelerates the maturity of a premium finance agreement because of the default
					 in payment(s) by the insured.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.55 - Notification to Insured of Offset

Current through Reg. 49, No. 28; July 12, 2024
An insurance premium finance company may not offset monies
					 paid to an insured by mistake unless it notifies the insured that it is
					 offsetting against an insured's account. The insurance premium finance company
					 shall preserve a copy of such notice in the individual file of the
					 insured.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.56 - Alternative Methods of Adjusting Accounts

Current through Reg. 49, No. 28; July 12, 2024
(a) Any amount found to be due an insured may
				  be credited to the next payment(s) on the account of the insured when the
				  insured has an existing obligation to the licensee. The licensee must notify
				  the insured in writing of the date and amount of the next payment due after
				  this credit has been given.
(b)
				  Alternatively, if the error correction or adjustment to an account is related
				  to an improper charge or proceeds improperly held by licensee on which interest
				  has been precomputed, the licensee may credit the final maturing installment(s)
				  of the contract provided credit is also given the insured for the proportionate
				  interest originally charged on the amount being credited. The licensee must
				  notify the insured in writing of any amount being credited and the resulting
				  change in the final maturing installments.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.57 - Cancellation of Policy Through Power of Attorney

Current through Reg. 49, No. 28; July 12, 2024
When a premium finance agreement utilizes a power of
					 attorney to effect the cancellation of a financed policy, the insurance premium
					 finance company may require the insured to pay to it any unpaid amount on the
					 account not covered by the gross unearned premium returned by the insurer. This
					 is allowed only if the insurance premium finance company has not delayed in
					 closing out the loan for the purpose of creating additional
					 indebtedness.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.58 - Notice of Intent To Cancel Insurance Because of Default

Current through Reg. 49, No. 28; July 12, 2024
(a) A notice of intent-to-cancel insurance
				  because of default, as provided by the power of attorney agreement, shall be
				  titled "Notice of Intent to Cancel" and shall be sent to the insured with a
				  cancellation date not earlier than ten days after the mailing date of the
				  notice of intent to cancel. The insurance premium finance company shall
				  establish and maintain either a computer printout or a copy of the
				  intent-to-cancel notice if the policy is subsequently cancelled. Such records
				  shall provide evidence to an examiner that the notice was mailed. A copy of the
				  notice of intent-to-cancel insurance because of default shall be sent to the
				  insurance agent.
(b) If the
				  insurance policy financed by an insurance premium finance company is written
				  under the authority of the Texas Medical Liability Insurance Underwriting
				  Association (Insurance Code, Article 21.49-3), a copy of the notice of
				  intent-to-cancel and the request for cancellation shall be sent to the Texas
				  Medical Liability Insurance Underwriting Association.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.59 - Notice of Cancellation Because of Default

Current through Reg. 49, No. 28; July 12, 2024
(a) A notice of cancellation because of
				  default shall be titled "Notice of Cancellation" and may not be sent to the
				  insurer before the ten-day waiting period of the notice of intent-to-cancel has
				  expired. Copies of the Notice of Cancellation shall be sent to the insured,
				  insurance agent, and insured's permanent account file. The insurance company
				  policy cancellation date shall be the day following receipt of the notice of
				  cancellation issued by the insurance premium finance company or the date
				  specified on the notice of cancellation, whichever is later, unless otherwise
				  stated in the insurance policy or by applicable law.
(b) If the insurance policy financed by an
				  insurance premium finance company is written under the authority of the Texas
				  Medical Liability Insurance Underwriting Association (Insurance Code, Article
				  21.49-3), a copy of the notice of intent-to-cancel and the request for
				  cancellation shall be sent to the Texas Medical Liability Insurance
				  Underwriting Association.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.60 - Collection Practices

Current through Reg. 49, No. 28; July 12, 2024
In attempting to collect money due on an insurance premium
					 finance loan from the insured, and prior to implementing the power of attorney,
					 a licensee shall not use unfair debt collection practices, but only lawful
					 remedies authorized under the laws of this state.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.61 - Record of Contacts

Current through Reg. 49, No. 28; July 12, 2024
An insurance premium finance company or its designee shall
					 preserve written record of each oral or written contact made by the company
					 with the insured or any other person for the purpose of collecting late
					 insurance premium finance payments. The record shall also include contacts made
					 by the insured with the insurance premium finance company. The record shall
					 include the date, method of contact, contacted party, person initiating the
					 contact and essence of the contact. Each record shall be maintained in a manner
					 that is readily understood.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.62 - Compliance with Statutory, Regulatory, or Contractual Requirements

Current through Reg. 49, No. 28; July 12, 2024
If statutory, regulatory, or contractual restrictions
					 provide that the insurance contract may not be cancelled unless notice is given
					 to a governmental agency, mortgagee, certificate of insurance holder or other
					 third party, the insurer shall give the required notice and calculate the
					 cancellation date in conformity with the Insurance Code, Article
					 24.17(e).
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.63 - Filing of Power of Attorney on Assignment with Insurer

Current through Reg. 49, No. 28; July 12, 2024
(a) An insurance premium finance company may
				  cancel an insurance policy pursuant to a power of attorney. However, it must
				  notify the insurer in advance or at the time of financing that an insurance
				  premium is being financed and that the insurance premium finance company has a
				  power of attorney in accordance with the Insurance Code, Article 24.22. The
				  cancellation notice shall advise the insurer that it has 60 days from the
				  policy cancellation date to return the gross unearned premium.
(b) Each premium financing check delivered to
				  an insurance company shall contain with it a statement officially notifying the
				  insurance company that the insurance policy has been financed and that the
				  financier holds a power of attorney enabling it to recover monies in case of
				  default by the insured. This document shall accompany the insurance application
				  and premium finance company check as part of the total insurance application.
				  These requirements shall also apply to the financing of insurance policies
				  written through the Texas Workers' Compensation Insurance Fund and the Texas
				  Medical Liability Insurance Underwriting Association.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.64 - Notification to Insurers

Current through Reg. 49, No. 28; July 12, 2024
(a) An insurance
				  premium finance company which enters into an insurance premium finance
				  agreement with an insured to finance an insurance policy or policies shall
				  notify the insurer whose premiums are being financed of the existence of such
				  agreement within a reasonable period of time not to exceed 30 days after the
				  date such agreement is received by the insurance premium finance
				  company.
(b) The word "insurer," as
				  used in the Insurance Code, Articles 24.17 and 24.22, means the company or
				  other entity formally liable on the insurance risk. It does not mean an
				  insurance agent. Accordingly, notice to an insurance agent or to a managing
				  general agency of the insurer is not notice under the Insurance Code, Article
				  24.22, unless the premium finance company has received written authorization
				  from a county mutual insurance company to notify an agent or managing general
				  agent. If the insurance premium finance company gave notice to the insurer in
				  accordance with the Insurance Code, Article 24.22, the insurer shall, as
				  provided in the Insurance Code, Article 24.17, return whatever unearned
				  premiums are due under the insurance contract directly to the insurance premium
				  finance company within 60 days. Return of unearned premium through an accounts
				  current with an agent or agency does not satisfy the insurer's obligation under
				  the Insurance Code, Article 24.17.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter C - OPERATIONS › Section 25.65 - Relocation of Accounts

Current through Reg. 49, No. 28; July 12, 2024
When current accounts are relocated to an affiliated
					 office, both licensed offices shall maintain current records of the accounts
					 relocated. A copy of the Notification of Relocation letter to the insured shall
					 be filed with the Department at the time it is mailed to the insured. This
					 notice shall include the following:
(1) Exact name of the company as
				  licensed;
(2) Present physical
				  address;
(3) New physical
				  address;
(4) Present mailing
				  address;
(5) New mailing
				  address;
(6) Present phone
				  number;
(7) New phone number;
				  and
(8) Date of relocation of
				  account.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.71 - Advertisements in General

Current through Reg. 49, No. 28; July 12, 2024
An insurance premium finance company may not engage in
					 deceptive advertising as set forth in the Insurance Code, Article 24.13, and
					 further defined in these sections.
(1)
				  Advertisements by an insurance premium finance company shall be truthful, not
				  misleading in fact or in implication, or fail to disclose material
				  facts.
(2) No advertisement shall
				  be used by an insurance premium finance company which, because of words,
				  phrases, statements, or illustrations therein or information omitted therefrom,
				  have the tendency to mislead or deceive borrowers. Words or phrases which are
				  misleading or deceptive because the meaning is unclear, or clear only to
				  persons familiar with insurance premium finance terminology, may not be used.
				  This paragraph does not prohibit use of trade or technical terms in
				  advertisements directed exclusively at commercial insureds.
(3) All information required to be disclosed
				  by these guidelines shall be set out conspicuously and in close conjunction
				  with the statements to which such information relates or under appropriate
				  captions of such prominence that it is not minimized, rendered obscure,
				  presented in an ambiguous fashion, or intermingled with the context of the
				  advertisement so as to be confusing or misleading.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.72 - Place of Loan

Current through Reg. 49, No. 28; July 12, 2024
No licensee shall advertise that loans will be made at any
					 place other than that named in its license. Each such advertisement shall state
					 or clearly indicate the identity of the licensee in such a manner as to prevent
					 confusion with the name of any unrelated licensee. A licensee shall not use any
					 loan advertisement which gives only telephone numbers or
					 addresses.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.73 - Advertisement File

Current through Reg. 49, No. 28; July 12, 2024
Between examinations by the Department, each licensee shall
					 maintain a file or other complete record of all written communications
					 soliciting the financing of insurance premiums, and of all other advertising
					 material used (including scripts of radio and television broadcasts and
					 reproductions of billboards and signs not at the licensed place of business).
					 The file shall be maintained at the licensed office or at a principal Texas
					 office, as designated to the Department. The date or period of use of each
					 solicitation or advertisement shall be indicated. If any language other than
					 English is used in any such advertising material, a true and correct
					 translation of it shall appear in the file along with such
					 material.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.74 - Full Disclosure Requirements in Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) If rates or charges are stated in
				  advertising, they shall be expressed in terms of an "annual percentage rate"
				  (simple annual interest rate). Any advertisement that states the amount of any
				  installment payment, the dollar amount of any finance charge or the number of
				  installments or the period of repayment shall also state:
(1) the amount of the loan expressed as
				  "amount financed";
(2) the number,
				  amount, and due dates or periods of payments scheduled to repay the
				  indebtedness if credit is extended;
(3) the rate of the finance charge;
				  and
(4) the sum of the payments
				  expressed as "total of payments."
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.75 - Misleading Advertising

Current through Reg. 49, No. 28; July 12, 2024
In determining whether any particular advertising matter
					 violates the Insurance Code, Article 24.13, the relevant factors include
					 general arrangement of copy and whether, from statements or representations
					 made, there may be a reasonable inference or impression that such statements or
					 representations are inaccurate, deceptive, or misleading.
(1) No advertisement may use phrases such as
				  "lowest costs" or "quickest service" unless such phrases are in fact accurate
				  with respect to the licensee's business.
(2) No advertisement may state "new reduced
				  rate" or "a new type of service" or any such similar comparative expression
				  unless such statement is in fact accurate with respect to the business of the
				  licensee so advertised and unless such advertisement clearly indicates that
				  such new plan refers specifically to a change in the particular licensee's plan
				  of operation. The change referred to must be of more than minor importance with
				  respect to the business of the licensee. Any such advertisement may not be used
				  for a period longer than 60 days after such plan has been put into
				  effect.
(3) An advertisement may
				  not contain any statement or representation with reference to the ease of
				  procuring insurance premium financing, the speed with which it may be effected,
				  the freedom from credit inquiries addressed to particular sources of
				  information, or to any other implied differentiation in policy or loan service,
				  unless the licensee shall comply with the representation so made.
(4) An advertisement may not contain offers
				  to insureds for insurance premium financing in general unless, in general
				  practice, the licensee actually makes a reasonable number of such loans within
				  such limited time and upon the basis of such offer.
(5) A licensee other than a lawfully
				  chartered banking institution may not use the word "bank" or any derivative in
				  any advertisement where its use might mislead the public to believe that the
				  licensee is an authorized banking institution or is conducting a banking
				  business.
(6) Any advertisement
				  which omits material facts shall be deemed deceptive or misleading.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter D - ADVERTISING › Section 25.76 - Multiple Page Advertisements

Current through Reg. 49, No. 28; July 12, 2024
For the purposes of this subchapter, a catalog or other
					 multiple page advertisement shall be considered a single advertisement if it
					 clearly and conspicuously displays a credit terms table or chart on which the
					 information required to be stated under these regulations is clearly set
					 forth.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.81 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
Examiners appointed by the Department may conduct periodic
					 examinations to determine if a licensee is in compliance with the Insurance
					 Code, Chapter 24, and the provisions of this chapter. Examinations of banks and
					 savings and loan associations doing business under the laws of this state or
					 the United States will not be conducted by the Department, unless the annual
					 report indicates irregularities or complaints received by the Department
					 indicate concerns.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.82 - Examination Charges

Current through Reg. 49, No. 28; July 12, 2024
A licensee shall reimburse the Department for the expense
					 of an examination. The charges to be invoiced to the insurance premium finance
					 company shall include the actual salaries and expenses of the examiners
					 allocable to each examination. The expenses assessed shall be those actually
					 incurred by the examiner to the extent permitted by law.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.83 - Access to Books and Records

Current through Reg. 49, No. 28; July 12, 2024
Examiners shall have free access, including the right to
					 make copies, to all the books and records of the insurance premium finance
					 company for the purpose of determining the financial condition, as well as
					 compliance with the Insurance Code, Chapter 24, affecting the conduct of its
					 business.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.84 - Individual Account Records

Current through Reg. 49, No. 28; July 12, 2024
Individual account records on each insured shall be
					 maintained to reflect the complete account history as to funding, charges,
					 payments, and adjustments, if any, and shall include the accurate dates of all
					 entries to the account. The records shall also reflect the date the finance
					 charge began to accrue. Individual account records shall disclose the date that
					 the insurance premium finance company requested cancellation of the financed
					 insurance policies. The individual's file shall contain copies of premium
					 finance agreements, memoranda, notices of intent to cancel or computer
					 printouts of such notices, and cancellation notices. A complete account history
					 shall be maintained by the licensee in all closed account files. All records of
					 proof-of-funding must be available for examination by the
					 Department.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.85 - Retention of Records

Current through Reg. 49, No. 28; July 12, 2024
All documents required by the Insurance Code to be retained
					 by the insurance premium finance company, and copies of documents signed by the
					 borrower, shall be available for inspection at any time by the Department or
					 its authorized representatives. These documents shall be retained for a period
					 of four years from the date a final entry is made thereon. Records of paid out
					 loans shall be retained in original form for a period of at least one year
					 following the date of the last examination by the Department after which such
					 records may be microfilmed for the remainder of the statutory period under the
					 Insurance Code.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.86 - Filing of Account Records

Current through Reg. 49, No. 28; July 12, 2024
All filing of account records shall be systematic,
					 maintained on a current basis, and appropriately cross-referenced for access to
					 other files.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.87 - Annual Reports

Current through Reg. 49, No. 28; July 12, 2024
(a) Each licensee
				  shall file an annual report as prescribed by the Department. The annual report
				  shall include information on the ownership, operation, and statistical data
				  sufficient to aid in determining compliance with the Insurance Code, Chapter
				  24.
(b) The annual report shall
				  also include a sworn financial statement.
(c) Each insurance premium finance company
				  licensed at any time during the preceding calendar year shall complete the
				  annual report form and return it to the Department on or before April 1 of each
				  year. The affidavit certifying the annual report shall be executed by an
				  officer or director of the insurance premium finance company.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.88 - General Administrative Expense Assessment

Current through Reg. 49, No. 28; July 12, 2024
No later than April 1 of each year, every insurance premium
					 finance company holding a license issued by the department under Insurance Code
					 Chapter 651 must pay an assessment to cover the general administrative expenses
					 attributable to the regulation of insurance premium finance companies. An
					 insurance premium finance company must send payment to the Texas Department of
					 Insurance at the address provided on the invoice. The assessment to cover
					 general administrative expenses is $250.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.89 - File for Official Correspondence and Reports

Current through Reg. 49, No. 28; July 12, 2024
All communications between the licensee and the Department
					 shall be maintained by the licensee in a separate file. The file shall include,
					 but not be limited to, complaints, annual reports, examination reports, and any
					 other correspondence with the Department.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 25 - INSURANCE PREMIUM FINANCE › Subchapter E - EXAMINATIONS AND ANNUAL REPORTS › Section 25.90 - Escheat Account

Current through Reg. 49, No. 28; July 12, 2024
An escheat or unclaimed property account shall be
					 established as required by the Property Code, Chapters 72 and 74, for monies
					 due an insured who cannot be located. These monies must remain in an account
					 for three years and then be reported to the Texas Department of Treasury.
					 Copies of the escheat account reports shall be placed in an examination file to
					 be available at the time of the insurance premium finance company's examination
					 by the Department.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 26 - EMPLOYER-RELATED HEALTH BENEFIT PLAN REGULATIONS › Subchapter A - DEFINITIONS, SEVERABILITY, AND SMALL EMPLOYER HEALTH REGULATIONS › Section 26.3 - Severability

Current through Reg. 49, No. 28; July 12, 2024
If any provision of this chapter or its application to any
					 person or circumstance is for any reason held to be invalid, the invalidity
					 does not affect the remainder of the chapter and the application of its
					 provisions to any persons under other circumstances.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 26 - EMPLOYER-RELATED HEALTH BENEFIT PLAN REGULATIONS › Subchapter A - DEFINITIONS, SEVERABILITY, AND SMALL EMPLOYER HEALTH REGULATIONS › Section 26.4 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following terms, when used in Subchapters A, C, and D
					 of this chapter, have the following meanings unless the context clearly
					 indicates otherwise.
(1) Affiliation
				  period--As defined in Insurance Code §
										1501.104
				  (concerning Affiliation Period).
(2) Agent--A person who may act as an agent
				  for the sale of a health benefit plan under a license issued by TDI.
(3) Base premium rate--As defined in
				  Insurance Code §
										1501.201 (concerning
				  Definitions).
(4) Case
				  characteristics--As defined in Insurance Code §
										1501.201.
(5) Child--
(A) An unmarried natural child of the
				  employee, including a newborn child;
(B) An unmarried adopted child, including a
				  child about whom the insured employee is a party in a suit seeking the adoption
				  of the child;
(C) An unmarried
				  natural child or adopted child of the employee's spouse including a child about
				  whom the spouse is a party in a suit seeking the adoption of the child;
				  and
(D) Any other child included as
				  an eligible dependent under an employer's benefit plan.
Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 26 - EMPLOYER-RELATED HEALTH BENEFIT PLAN REGULATIONS › Subchapter A - DEFINITIONS, SEVERABILITY, AND SMALL EMPLOYER HEALTH REGULATIONS › Section 26.5 - Applicability and Scope

Current through Reg. 49, No. 28; July 12, 2024
(a) Insurance Code
				  Chapter 1501, concerning Health Insurance Portability and Availability Act, and
				  this subchapter regulate all health benefit plans sold to small employers,
				  whether sold directly or through associations or other groupings of small
				  employers.
(b) Except as otherwise
				  provided, this subchapter applies to any health benefit plan providing health
				  care benefits covering two or more employees of a small employer, whether
				  provided on a group or individual franchise insurance policy basis, regardless
				  of whether the policy was issued in this state, if the plan meets one of the
				  following conditions:
(1) a portion of the
				  premium or benefits is paid by a small employer;
(2) the health benefit plan is treated by the
				  employer or by a covered individual as part of a plan or program for the
				  purposes of the United States Internal Revenue Code of 1986,
				  26 U.S.C.
				  §
												106 (concerning Contributions by
				  Employer to Accident and Health Plans) or §162 (concerning Trade or
				  Business Expenses);
(3) the health
				  benefit plan is a group policy issued to a small employer; or
(4) the health benefit plan is an employee
				  welfare benefit plan under 29 C.F.R. § 2510.3-1(j) (concerning Employee
				  Welfare Benefit Plan).