28 Tex. Admin. Code § 3.302 - Policy Form Submission
(a) No
indeterminate premium reduction policy may be approved for use in Texas unless
the insurer files with the Texas Department of Insurance in conjunction with
such indeterminate premium reduction policy a statement:
(1) that, to the best of its knowledge and
belief, the policy submitted is in compliance with this subchapter;
(2) that advertising and solicitation will be
in compliance with this subchapter;
(3) that any premium redetermination will not
reflect a distribution of company surplus nor a return of previously collected
premiums; and
(4) that any
nonguaranteed premium rates used to market the policy are lower than rates
which the insurer is willing to guarantee in a fixed premium policy with the
same or similar benefits for insureds of essentially the same class of
risk.
(b) A
nonguaranteed premium means any charge for insurance, including any percentage
deviation from a maximum charge, that an insurer or insurance agent mentions or
illustrates as a possible charge for coverage other than the maximum guaranteed
premium specified in the policy.
Notes
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