28 Tex. Admin. Code § 5.9403 - Definitions
The following words and terms when used in this plan of operation, which is contained in §§ 5.9401-5.9415 of this title (relating to the Residential Property Insurance Market Assistance Program Plan of Operation), shall have the following meanings unless the context clearly indicates otherwise.
(1) Agent
commissions--The portion of the premium paid by an insurer participating in the
Residential Property Insurance Market Assistance Program for production of the
residential property insurance business pursuant to Article 21.49-12 §4 of the
Insurance Code.
(2)
Application--The form promulgated by the Texas Department of Insurance to be
completed by an applicant and the originating agent and submitted to the Texas
Department of Insurance or completed by an applicant and the Department to
apply for assistance in obtaining residential property insurance through the
Residential Property Insurance Market Assistance Program.
(3) Commissioner--Commissioner of Insurance
of the State of Texas.
(4)
Department--Texas Department of Insurance.
(5) Designated underserved area--An area
determined and designated by rule as an underserved area by the Commissioner of
Insurance, pursuant to Article 21.49-12 of the Insurance Code, using the
standards specified in Article 5.35-3 §1 of the Insurance Code.
(6) Executive Committee--The 11-member body
appointed by the Commissioner of Insurance and authorized pursuant to Article
21.49-12 of the Insurance Code to advise and consult with the Commissioner with
regard to the administration of the Residential Property Insurance Market
Assistance Program.
(7)
Insurer--Any insurer licensed to write property or casualty insurance and
actually writing residential property insurance in Texas, including Lloyd's,
reciprocals, or interinsurance exchanges; an insurer is actually writing
residential property insurance in Texas if the insurer has reported under the
statistical plan a positive number for residential property insurance direct
written premium during the last reporting period.
(8) Issuing agent--
(A) A licensed local recording agent
appointed to represent the insurer providing residential property insurance
coverage through the Residential Property Insurance Market Assistance Program
who signs, executes, and delivers the policies of insurance; maintains a record
of the business; examines and inspects the risk; receives and collects
premiums; and performs other customary duties of a local recording agent;
or
(B) A salaried representative
for an insurer whose plan of operation does not contemplate the use of local
recording agents appointed to represent the insurer providing residential
property insurance coverage through the Residential Property Insurance Market
Assistance Program who signs, executes, and delivers the policies of insurance;
maintains a record of the business; examines and inspects the risk; and
receives and collects premiums; and performs other customary duties of a local
recording agent.
(9)
Manufactured home--Mobile home, manufactured housing, or manufactured home as
defined in the Texas Manufactured Housing Standards Act (Texas Revised Civil
Statutes, Article 5221f).
(10)
MAP--The Residential Property Insurance Market Assistance Program authorized
and operated pursuant to Article 21.49-12 of the Insurance Code to assist
consumers in Texas in obtaining residential property insurance coverage in
underserved areas as determined and designated by the Commissioner of Insurance
by rule.
(11) Originating agent--
(A) A licensed local recording agent
authorized by Article 21.49-12 of the Insurance Code to complete an application
for assistance on behalf of an applicant for submission to the Residential
Property Insurance Market Assistance Program without being appointed to
represent the insurer providing the coverage through the Residential Property
Insurance Market Assistance Program; or
(B) A salaried representative for an insurer
whose plan of operation does not contemplate the use of local recording agents
authorized by Article 21.49-12 of the Insurance Code to complete an application
for insurance on behalf of an applicant for submission to the Residential
Property Insurance Market Assistance Program without being appointed to
represent the insurer providing the coverage through the Residential Property
Insurance Market Assistance Program.
(12) Residence premises--The residence
premises shown on the declarations page of the insured's residential property
insurance policy and which includes the one-family or two-family dwelling and
other private structures and grounds.
(13) Residential property
insurance--Insurance against loss to real or tangible personal property at a
fixed location provided in a homeowners policy or residential fire and allied
lines policy.
(14) Residential
risk--Dwelling, manufactured home, or other private structure located on the
residence premises, and personal property contained therein.
(15) Unaffiliated--Not an affiliate or not
affiliated with another insurer or insurers as "affiliate" is defined in the
Insurance Holding Company System Regulatory Act (Article 21.49-1 of the
Insurance Code).
Notes
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