Tex.
Ins. Code Section 4055.155
Duties of Insurers and Supervising Entities
(a)
An insurer must notify the department in the manner prescribed by the commissioner by rule of the designation of a supervising entity described by Subsection (b).(b)
A supervising entity designated by an insurer that provides travel insurance may authorize a travel retailer to offer and disseminate a travel insurance policy on behalf of the supervising entity by establishing a retailer registry.(c)
The registry established under Subsection (b) must be maintained and updated on an ongoing basis in a form prescribed by the commissioner by rule. The registry must include the name, address, and contact information, and federal employer identification number, if any, of each registered travel retailer and an individual contact person at the retailer.(d)
The registry must be submitted to the department on the request of the commissioner.(e)
The supervising entity must certify in a form prescribed by the commissioner by rule that each registered travel retailer is in compliance with 18 U.S.C. Section 1033. The grounds for suspension or revocation and the penalties that apply to a resident insurance agent apply to a supervising entity and travel retailer.(f)
The supervising entity shall designate an individual who is an officer of the entity and a licensed agent as the compliance officer responsible for compliance with insurance laws, rules, and regulations related to travel insurance.(g)
The compliance officer and the officers of the supervising entity that direct or control the travel insurance business of the supervising entity must submit fingerprints as required by the commissioner by rule.(g-1)
The supervising entity shall pay all applicable licensing fees required by state law with respect to travel insurance.(h)
The supervising entity shall provide travel insurance instruction and training to each employee of a registered travel retailer whose duties include offering and disseminating travel insurance. The instruction and training material are subject to review by the commissioner and must include instruction relating to the insurance offered, ethical sales practices, and required disclosures to travelers.(i)
The supervising entity is responsible for the acts of a travel retailer and shall use reasonable means to ensure each registered retailer’s compliance with this subchapter.(j)
Any person licensed in a major line of authority, as determined by the commissioner, as an insurance agent may sell, solicit, and negotiate travel insurance. A property and casualty insurance agent is not required to be appointed by an insurer to sell, solicit, or negotiate travel insurance.
Source:
Section 4055.155 — Duties of Insurers and Supervising Entities, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4055.htm#4055.155 (accessed Apr. 29, 2024).
