Law:Title 4. Regulation Of Solvency. Subtitle D. Guaranty Associations (Texas)

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Subtitle D. Guaranty Associations

Contents

Chapter 461. General Provisions

Section 461.001.  Applicability Of Chapter.

(a) Except as provided by Subsection (b), this chapter applies to an insurance policy, contract, certificate, evidence of coverage, or application delivered or issued for delivery in this state that is not covered by an insurance guaranty fund or other solvency protection arrangement authorized by this code.

(b)  This chapter does not apply to:

(1)  a fidelity, surety, or guaranty bond; or

(2)  marine insurance as defined by Section 1807.001.

Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. April 1, 2007.



Section 461.002.  Disclosure Of Guaranty Fund Nonparticipation.

(a) Each insurance policy, contract, certificate, evidence of coverage, or application subject to this chapter must include a statement that, if the insurer is unable to fulfill the insurer's contractual obligation under the policy, contract, certificate, or evidence of coverage, the insurer is not covered by an insurance guaranty fund or other solvency protection arrangement.

(b)  The statement must be in 10-point type and affixed to the first page of the insurance policy, contract, certificate, evidence of coverage, or application.

Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. April 1, 2007.



Section 461.003.  Form Of Statement; Prohibition.

(a) The commissioner by rule shall promulgate the statement that an insurer must use to comply with this chapter.

(b)  An insurer may not include in an insurance policy, contract, certificate, evidence of coverage, or application a statement that does not conform to the appropriate statement prescribed by the commissioner.

Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. April 1, 2007.


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