Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 13 - MISCELLANEOUS INSURERS AND OTHER REGULATED ENTITIES › Subchapter A - STATEWIDE MUTUAL ASSESSMENT COMPANIES, LOCAL MUTUAL AID ASSOCIATIONS, AND BURIAL ASSOCIATIONS › Section 13.9 - Books and Records, Minimum Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) Each company or association shall
				  hereafter maintain no less than the following records, which shall be the
				  property of such company or association.
(1)
				  A daily collection sheet (or other acceptable records) on which the following
				  shall be recorded: date, policy number, name of insured, cash collected, amount
				  retained by agents, month and amount of membership fee, and regular
				  premium.
(2) A premium card on the
				  face of which shall be recorded the insurance age, name and address of insured,
				  year, month, and day of issue, name and address of beneficiary, policy number,
				  date of policy, amount of policy, date of birth, amount of premium by mode,
				  mortality table renewal net premium, and space allocated for remarks. On the
				  front or back of the card, space must be provided for recording each premium
				  payment and the date. The companies shall either have a reserve card file or
				  maintain premium history cards in a manner which will permit the calculation of
				  reserves.
(3) A cash book for
				  recording all income for the benefit of the claim and expense funds, and for
				  all payments from each fund.
(4) A
				  policy register on which the following shall be recorded: policy number, name
				  of insured, name and address of beneficiary, date policy issued, insured's date
				  of birth, amount of benefit, and amount of premium by mode. Space should be
				  left for remarks.
(5) A claim
				  register on which shall be recorded the following: every reported claim by
				  claim number, name of insured, name and address of beneficiary, policy number,
				  date of policy, date of death, date proof was filed, date paid, amount of
				  policy, and amount paid. Space must be left for remarks.
(6) A claim file, which is not considered
				  complete unless it contains the following:
(A)
				  an official certified copy of vital statistics records (if
				  applicable);
(B) the cancelled and
				  surrendered policy together with evidence showing payment of benefits provided
				  in the policy, or a signed receipt of benefits in lieu of the surrendered
				  policy (if applicable);
(C) the
				  application form;
(D) cancelled
				  checks for claim payments and the premium card of a deceased insured must also
				  be available.
(7) A
				  permanent investment file. Each company or association shall hereafter
				  establish and maintain an investment file or a record of each investment which
				  such company or association has or hereafter makes, which record shall be
				  maintained for a period of not less than five years after such investment has
				  been transferred, sold, paid off, or otherwise disposed of. Such file or record
				  shall include:
(A) the date of such
				  investment;
(B) the original amount
				  invested and any additions thereto;
(C) the name and address of the person or
				  organization to whom the consideration was paid;
(D) a complete description of the investment
				  and a legal description of any property given in security therefor;
(E) the date of disposal or termination of
				  such investment;
(F) the name and
				  address of the person or organization to whom the investment was transferred or
				  assigned; and
(G) the consideration
				  received for such investment upon transfer or assignment.
(8) A minute book which shall contain a
				  complete record of the proceedings of its members, board of directors, and
				  committees which have any authority from the board of directors.
(9) A record of members which shall contain a
				  record of the names and addresses of its members entitled to vote, which record
				  shall be maintained at its principal office.