Tex. Ins. Code Section 981.217
Notice to Department Required


(a)

A surplus lines agent shall notify the department not later than the 30th day after the date any of the following occurs:

(1)

balances due for more than 90 days to an eligible surplus lines insurer or for more than 60 days to the agent acting on behalf of the surplus lines insurer exceed $1 million or 10 percent of the insurer’s policyholder surplus calculated on December 31 of the preceding year;

(2)

balances due for more than 60 days from a managing general agent or a local recording agent appointed by or reporting to the managing general agent exceed $500,000;

(3)

authority to settle claims for an eligible surplus lines insurer is withdrawn;

(4)

funds held for an eligible surplus lines insurer for losses are greater than $100,000 more than the amount necessary to pay losses and loss adjustment expenses expected to be paid on behalf of the insurer in the next 60-day period; or

(5)

the agent’s contract to act on behalf of a surplus lines insurer is canceled or terminated.

(b)

The commissioner shall adopt the form to be used under Subsection (a).

(c)

A surplus lines agent may comply with the notification requirement under Subsections (a)(1), (2), and (4) by submitting a single annual report if:

(1)

the agent or applicable eligible surplus lines insurer routinely operates beyond the limits provided by those subdivisions; and

(2)

the commissioner verifies that fact under a procedure adopted by the commissioner.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 981.217 — Notice to Department Required, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­981.­htm#981.­217 (accessed Apr. 20, 2024).

981.001
Purpose
981.002
Definitions
981.003
Applicability of Chapter
981.004
Surplus Lines Insurance Authorized
981.005
Validity of Contracts
981.006
Sanctions
981.007
Liability of Surplus Lines Insurer for Losses and Unearned Premiums
981.008
Surplus Lines Insurance Premium Tax
981.009
Rules
981.0031
Exempt Commercial Purchaser Defined
981.0032
Qualified Risk Manager Defined
981.0033
Industrial Insured Defined
981.051
Authorization Required
981.054
Certain Preconditions Not Allowed
981.057
Minimum Capital and Surplus Requirements
981.058
Alien Insurers
981.063
Commissioner or Department Not Responsible for Determining Unauthorized Insurer’s Financial Condition or Claims Practices
981.064
Commissioner May Order Revocation of Contracts
981.065
Applicability to Contract Extension
981.066
Uniform Standards
981.071
Definition
981.072
Designation as Domestic Surplus Lines Insurer
981.073
Applicability of Other Law
981.074
Authorized Business
981.075
Taxes Imposed
981.076
Requirements for Domestic Surplus Lines Documents
981.077
Redomestication
981.101
Requirements for Surplus Lines Documents
981.102
Limit on Use of Surplus Lines Policy or Contract Forms
981.103
Delivery to Insured of Surplus Lines Documents
981.104
Delivery to Insured of Revised Surplus Lines Documents
981.105
Filing with Stamping Office
981.151
Status as Nonprofit Association
981.152
Board of Directors
981.153
Plan of Operation
981.154
Powers and Duties
981.155
Supervision by Commissioner
981.156
Examination by Commissioner
981.157
Immunity from Liability
981.158
Exemption from Public Information Law
981.159
Exemption from Library and Archives Law
981.160
No Enforcement Authority
981.201
Definition
981.202
Surplus Lines License Required
981.203
Qualifications for Surplus Lines License
981.204
Classification of Surplus Lines Agents
981.210
Placement of Coverage
981.211
Financial Condition of Surplus Lines Insurers
981.212
Accepting Surplus Lines Insurance from Other Agents
981.213
Filing Contract with Stamping Office
981.214
Compliance with Stamping Office Plan of Operation
981.215
Surplus Lines Agent Records
981.216
Annual Report
981.217
Notice to Department Required
981.218
Department Monitoring of Surplus Lines Agents
981.219
Advertising
981.220
Managing General Agents
981.221
Suspension or Revocation of License
981.222
Applicability of Other Law
981.223
Managing Underwriters

Accessed:
Apr. 20, 2024

§ 981.217’s source at texas​.gov