Sec. 4055.010. TREATMENT OF CERTAIN PREMIUMS. Notwithstanding any other provision of this title or any rule adopted by the commissioner, a specialty license holder is not required to treat as money received in a fiduciary capacity premiums collected from a consumer who purchases insurance coverage when completing a consumer transaction associated with the coverage if:
(1) the insurer represented by the license holder has consented in writing, signed by an officer of the insurer, that premiums are not required to be segregated from money received by the license holder because of the consumer transaction associated with the insurance coverage; and
(2) the charges for insurance coverage are itemized but not billed to the consumer separately from the charges for the associated consumer transaction.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Chapter 4055 - Specialty Agents
Subchapter A. General Provisions
Section 4055.002. Applicability of Chapter to Certain Agents
Section 4055.005. License Issuance
Section 4055.006. Examination and Continuing Education Not Required
Section 4055.007. Appointment as Agent by Insurer
Section 4055.008. General Powers and Duties
Section 4055.009. Certain Representations Prohibited
Section 4055.010. Treatment of Certain Premiums
Section 4055.011. Authority of Employee of Specialty License Holder
Section 4055.012. Training Required to Act on Behalf of Specialty License Holder
Section 4055.013. Assignment and Transfer of Compensation by Certain Agents
Section 4055.014. Disclosures Required Before Issuance of Insurance
Section 4055.015. Violation by Specialty License Holder; Penalties