Sec. 942.154. STATEMENTS RELATING TO INDEMNITY AMOUNTS. (a) The attorney in fact for an exchange shall file with the department a sworn statement that shows the maximum amount of indemnity on any single risk.
(b) The attorney in fact for an exchange shall, as required by the department, file with the department a sworn statement that:
(1) the attorney has examined the commercial rating of each subscriber, as established by the reference book of a commercial agency with at least 100,000 subscribers; and
(2) based on the examination or other information in the attorney's possession, it appears that no subscriber has assumed on any single risk an amount greater than 10 percent of that subscriber's net worth.
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
Chapter 942 - Reciprocal and Interinsurance Exchanges
Subchapter D. Operation, Powers, and Duties of Exchange
Section 942.151. Subscriber Liability for Certain Contingent Premiums
Section 942.152. Subscriber Limited Liability Based on Certain Minimum Capital and Surplus
Section 942.153. Prior Authority Not Affected
Section 942.154. Statements Relating to Indemnity Amounts
Section 942.155. Financial Requirements
Section 942.156. Issuance of Fidelity and Surety Bond Insurance; Deposit Required
Section 942.157. Transactions Between Certain Insurers and Affiliated Exchanges