28 Tex. Admin. Code § 25.63 - Filing of Power of Attorney on Assignment with Insurer
(a) An insurance premium finance company may
cancel an insurance policy pursuant to a power of attorney. However, it must
notify the insurer in advance or at the time of financing that an insurance
premium is being financed and that the insurance premium finance company has a
power of attorney in accordance with the Insurance Code, Article 24.22. The
cancellation notice shall advise the insurer that it has 60 days from the
policy cancellation date to return the gross unearned premium.
(b) Each premium financing check delivered to
an insurance company shall contain with it a statement officially notifying the
insurance company that the insurance policy has been financed and that the
financier holds a power of attorney enabling it to recover monies in case of
default by the insured. This document shall accompany the insurance application
and premium finance company check as part of the total insurance application.
These requirements shall also apply to the financing of insurance policies
written through the Texas Workers' Compensation Insurance Fund and the Texas
Medical Liability Insurance Underwriting Association.
Notes
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