28 Tex. Admin. Code § 5.4905 - Minimum Retained Premium

(a) Except as provided in this section and subject to Insurance Code § 2210.204, concerning Cancellation of Certain Coverage, for cancellation of insurance coverage, the minimum retained premium on a TWIA policy issued on an annual basis is equal to the premium for the full annual policy term.

(b) A TWIA policy is subject to a $100 minimum retained premium if it is canceled because of:

(1) any of the reasons specified in Insurance Code § 2210.204(d);

(2) a change in majority ownership of the insured property, including foreclosure of the insured property; or

(3) the death of the policyholder.

(c) Any unearned premium after the application of the minimum retained premium in this section must be refunded pro rata.

(d) TWIA may not issue a new or renewal policy to an applicant who owes premium on a prior TWIA policy.

(e) The minimum retained premium may not create or extend coverage beyond the policy's effective cancellation date.

Notes

28 Tex. Admin. Code § 5.4905

The provisions of this §5.4905 adopted to be effective February 24, 2010, 35 TexReg 2160; amended to be effective January 8, 2012, 36 TexReg 9331; Amended by Texas Register, Volume 50, Number 01, January 3, 2025, TexReg 0158, eff. 1/8/2025