28 Tex. Admin. Code § 5.4902 - Additional Requirements
(a) This section,
§§5.4903 - 5.4908, and §5.4911 of this division (relating to Declination of
Coverage; Flood Insurance; Minimum Retained Premium; Certificate of Compliance
Approval Program; Certificate of Compliance Transition Program; Alter and
Alteration; and Insurance Policy Forms, Endorsements, Manual Rules, Application
Forms, and Underwriting Guidelines, respectively) shall be considered to be a
part of the Texas Windstorm Insurance Association's plan of operation. These
sections shall control over any conflicting provision in §
5.4001 of this subchapter
(relating to Plan of Operation).
(b) In addition to the requirements set forth
in §
5.4001 of this subchapter,
including §
5.4001(d)(2)(E)
of this subchapter, prior to the issuance of an Association policy on insurable
property, the Association must have received an application for a new or
renewal Association policy that contains a statement that the agent possesses
proof of:
(1) a declination of coverage from
an authorized insurer writing windstorm and hail insurance as provided in
§5.4903 of this division; and
(2)
if applicable, flood insurance that was obtained for the property to be insured
as provided for in §5.4904 of this division or the unavailability of flood
insurance for such property.
(c) The following words and terms when used
in this division shall have the following meanings unless the context clearly
indicates otherwise:
(1) Association--The
Texas Windstorm Insurance Association.
(2) Commissioner--The Texas Commissioner of
Insurance.
(3) Department--The
Texas Department of Insurance.
(d) The Association shall implement an agent
audit procedure to verify that agents possess and maintain proof of the
declination and flood insurance as required under §5.4903 of this division and,
if applicable, §5.4904 of this division.
(e) In addition to the requirement in
subsection (d) of this section, the Association shall on or before June 1,
2010, submit to the commissioner for approval a proposal to ensure compliance
with the requirements set forth in §5.4903 and §5.4904 of this
division.
(f) The Association on or
before June 1, 2010, shall submit to the commissioner a proposal to amend the
plan of operation to establish a procedure for suspending the acceptance of new
or renewal insurance applications from an agent if the Association determines
that the agent failed to comply with this section and §5.4903 and §5.4904 of
this division. The proposal must also include a procedure for an agent to
obtain a review of the suspension.
Notes
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