28 Tex. Admin. Code § 25.31 - Insurance Premium Finance Business Operation Forms

(a) The Department shall review and approve, prior to use, all insurance premium finance business forms submitted as part of the initial application for license. Thereafter, each licensee shall insure that any business form used complies with the requirements of the Insurance Code, Chapter 24, and this chapter.

(b) An Insurance Premium Finance Agreement form, a Memorandum of Agreement form, a notice of Premium Finance Agreement form, a Notice of Intent to Cancel form, a Notice of Cancellation form, and a Reinstatement Request form shall accompany each license application. The forms shall reflect the applicant's preprinted information including the insurance premium finance company's name, physical address, mailing address and telephone number.

(c) The format of the Insurance Premium Finance Agreement shall be in accordance with the Insurance Code, Article 24.11.

(d) The format of the Memorandum of Agreement form shall be in accordance with the Insurance Code, Article 24.11(h).

(e) The format of the Notice of Premium Finance Agreement form shall be in accordance with the Insurance Code, Article 24.22. The form must include:

(1) Insured's name and mailing address;

(2) Agent's name and mailing address;

(3) Insurance company's name and mailing address;

(4) Policy number, term and inception date;

(5) Amount financed; and

(6) Person to whom the funds were paid.

(f) The format of the Notice of Intent-to-Cancel form shall be in accordance with the Insurance Code, Article 24.17(c). The form must include:

(1) Insured's name and mailing address;

(2) Agent's name and mailing address;

(3) Date of mailing;

(4) Date of cancellation;

(5) Policy number;

(6) Amount of payment due; and

(7) Amount of late payment due if after ten days past due.

(g) The format of the Notice of Cancellation form shall be in accordance with the Insurance Code, Article 24.17(d). The form must include:

(1) Insured's name and mailing address;

(2) Agent's name and mailing address;

(3) Insurance company's name and mailing address;

(4) Date of mailing;

(5) Date of cancellation; and

(6) Policy number.

(h) The format of the Reinstatement Request form must include:

(1) Insured's name and mailing address;

(2) Agent's name and mailing address; and

(3) Insurance company's name and mailing address;

(4) Disclaimer, in boldface type, notifying that only a reinstatement has been requested and that the licensed insurance premium finance company cannot reinstate the policy.

Notes

28 Tex. Admin. Code § 25.31

The provisions of this §25.31 adopted to be effective May 17, 1995, 20 TexReg 3337.