Sec. 941.154. ASSUMPTION OF RISK BY CERTAIN AFFILIATED INSURERS. An insurer who is subject to Article 5.26 may not directly or indirectly assume all or a substantial part of a risk covered by a policy written by a Lloyd's plan that is an affiliate of the insurer if the risk is written at a rate less than the rate that may be lawfully charged by:
(1) the insurer; or
(2) one of the insurer's affiliates that is subject to Article 5.26.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle G - Lloyd's Plan and Reciprocal and Interinsurance Exchanges
Subchapter D. Operation, Powers, and Duties of Lloyd's Plan
Section 941.151. Liability of Underwriter
Section 941.152. Liability of Additional or Substituted Underwriter
Section 941.153. Accrual of Profits
Section 941.154. Assumption of Risk by Certain Affiliated Insurers