Sec. 2201.259. REQUIRED NOTICE. (a) A purchasing group that obtains liability insurance from an insurer or a risk retention group shall provide notice to each group member that has a risk located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state and that the insurer or risk retention group may not be subject to all the insurance laws and rules of this state.
(b) Each person, firm, partnership, or corporation licensed under Chapter 981, 4051, or 4056 shall inform each prospective insured on business to be written through a purchasing group of the notice required by Subsection (a).
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Structure Texas Statutes
Title 10 - Property and Casualty Insurance
Subtitle G - Pools, Groups, Plans, and Self-Insurance
Chapter 2201 - Risk Retention Groups and Purchasing Groups
Subchapter F. Purchasing Groups
Section 2201.251. General Qualifications of Purchasing Group
Section 2201.252. Determination of Location
Section 2201.253. Limitations on Authority
Section 2201.254. Application of State Law
Section 2201.255. Notice to Commissioner; Filing Fee
Section 2201.256. Registration Requirement; Fees
Section 2201.257. Payment of Premium Taxes
Section 2201.258. Purchasing Group Participation in Insolvency Guaranty Fund Prohibited; Exception