Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 5 - PROPERTY AND CASUALTY INSURANCE › Subchapter N - RESIDENTIAL PROPERTY INSURANCE MARKET ASSISTANCE PROGRAM › Division 2 - PLAN OF OPERATION › Section 5.9403 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms when used in this plan of
						operation, which is contained in §§
											5.9401-5.9415 of this title
						(relating to the Residential Property Insurance Market Assistance Program Plan
						of Operation), shall have the following meanings unless the context clearly
						indicates otherwise.
(1) Agent
					 commissions--The portion of the premium paid by an insurer participating in the
					 Residential Property Insurance Market Assistance Program for production of the
					 residential property insurance business pursuant to Article 21.49-12 §4 of
					 the Insurance Code.
(2)
					 Application--The form promulgated by the Texas Department of Insurance to be
					 completed by an applicant and the originating agent and submitted to the Texas
					 Department of Insurance or completed by an applicant and the Department to
					 apply for assistance in obtaining residential property insurance through the
					 Residential Property Insurance Market Assistance Program.
(3) Commissioner--Commissioner of Insurance
					 of the State of Texas.
(4)
					 Department--Texas Department of Insurance.
(5) Designated underserved area--An area
					 determined and designated by rule as an underserved area by the Commissioner of
					 Insurance, pursuant to Article 21.49-12 of the Insurance Code, using the
					 standards specified in Article 5.35-3 §1 of the Insurance Code.
(6) Executive Committee--The 11-member body
					 appointed by the Commissioner of Insurance and authorized pursuant to Article
					 21.49-12 of the Insurance Code to advise and consult with the Commissioner with
					 regard to the administration of the Residential Property Insurance Market
					 Assistance Program.
(7)
					 Insurer--Any insurer licensed to write property or casualty insurance and
					 actually writing residential property insurance in Texas, including Lloyd's,
					 reciprocals, or interinsurance exchanges; an insurer is actually writing
					 residential property insurance in Texas if the insurer has reported under the
					 statistical plan a positive number for residential property insurance direct
					 written premium during the last reporting period.
(8) Issuing agent--
(A) A licensed local recording agent
					 appointed to represent the insurer providing residential property insurance
					 coverage through the Residential Property Insurance Market Assistance Program
					 who signs, executes, and delivers the policies of insurance; maintains a record
					 of the business; examines and inspects the risk; receives and collects
					 premiums; and performs other customary duties of a local recording agent;
					 or
(B) A salaried representative
					 for an insurer whose plan of operation does not contemplate the use of local
					 recording agents appointed to represent the insurer providing residential
					 property insurance coverage through the Residential Property Insurance Market
					 Assistance Program who signs, executes, and delivers the policies of insurance;
					 maintains a record of the business; examines and inspects the risk; and
					 receives and collects premiums; and performs other customary duties of a local
					 recording agent.