28 Tex. Admin. Code § 5.9301 - Commercial Risks Shared by Two or More Insurers
(a) This section applies in the event that
the total limit of liability for a single commercial risk or account must be
shared by two or more insurers as a result of either a single insurer not
having the capacity to provide the total limit of liability for the single risk
or account to be shared or as a result of a single insurer being unwilling to
accept the total limit of liability for the single risk or account to be shared
because it produces a more hazardous exposure.
(b) For purposes of this section, "lead
insurer" shall mean the insurer providing coverage for the largest percentage
of liability for a single commercial risk or account or the insurer designated
by the insured as the lead insurer.
(c) The policy forms and endorsements issued
to provide coverage on a single commercial risk or account which is shared by
two or more insurers must be filed and approved for the lead insurer. Other
insurers sharing such coverage on a single commercial risk or account with the
lead insurer must use the filed and approved policy forms and endorsements of
the lead insurer. These approved policy forms and endorsements may be used by
such other insurers sharing such coverage without making a separate filing to
the Texas Department of Insurance for approval.
(d) A notice indicating the name of the lead
insurer must be placed on each policy of insurance issued to provide coverage
on a single commercial risk or account which is shared by two or more insurers.
The notice must contain the following or similar language: "The insurance
provided for this (risk or account) is shared by two or more companies. The
lead insurer is ___________."
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.