Tex.
Ins. Code Section 941.003
Limited Exemption from Insurance Laws; Application of Certain Laws
(a)
A Lloyd’s plan is exempt from the operation of all insurance laws of this state except as specifically provided in this chapter or unless it is specifically provided in the other law that the law is applicable.(b)
A Lloyd’s plan is subject to:(1)
Subchapter A, Chapter 5, Chapter 254 (Motor Vehicle Insurance), Subchapters A and B, Chapter 1806 (Prohibited Practices and Rebates Related to Policies), and Subtitle C, Title 10;(2)
Articles 5.35, 5.39, and 5.40;(3)
Article 5.13-2, as provided by that article, Chapter 2251 (Rates), as provided by that chapter, and Chapter 2301 (Policy Forms), as provided by that chapter;(4)
Chapters 251 (General Provisions), 252 (Fire and Allied Lines Insurance), 402 (Disclosure of Material Transactions), 541 (Unfair Methods of Competition and Unfair or Deceptive Acts or Practices), and 2253 (Rating Territories);(5)
Subchapter A, Chapter 401 (Audits and Examinations);(6)
Subchapter B, Chapter 404 (Financial Condition);(7)
Subchapter C, Chapter 1806 (Prohibited Practices and Rebates Related to Policies); and(8)
Sections 38.001 (Inquiries), 501.159 (Comments on Certain Insurer Filings), 822.203 (Capital Required Generally), 822.205 (Unencumbered Surplus or Guaranty Fund Requirements for Certain Insurance Companies), 822.210 (Commissioner May Require Larger Capital and Surplus Amounts), 822.212 (Increase of Capital and Surplus), 2002.005 (Coinsurance Clauses), 2002.051 (Policy Forms and Endorsements for Residential Property Insurance), and 2002.052 (Applicability of Other Law to Residential Property Insurance).(c)
Chapter 2007 applies to rates for motor vehicle insurance written by a Lloyd’s plan.(d)
Underwriters and their attorney in fact are subject to Sections 822.051 (Formation of Company), 822.057 (Application for Charter), 822.058 (Action by Commissioner After Filing of Application for Charter), 822.059, 822.060 (Action on Application), and 822.201 (Applicability of Capital and Surplus Requirements), except that:(1)
the articles of agreement executed by the underwriters are instead of the articles of incorporation; and(2)
the aggregate of the guaranty fund and unencumbered surplus of the Lloyd’s plan constitutes capital structure for purposes of Section 822.060 (Action on Application).(e)
A Lloyd’s plan is subject to Chapter 2210 (Texas Windstorm Insurance Association), as provided by that chapter.
Source:
Section 941.003 — Limited Exemption from Insurance Laws; Application of Certain Laws, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm#941.003 (accessed Jun. 5, 2024).
