Insurance for which a charge is included in a loan contract must be written:

1. (1) at lawful rates;
2. (2) in accordance with the Insurance Code; and
3. (3) by a company authorized to do business in this state.

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.19(a), eff. Sept. 1, 1999.