1. (a) On or after the cancellation date of insurance policies as stated in the court's order canceling the policies, the agent shall promptly account to the receiver for:

   1. (1) all unearned premiums to be returned to the insured or the replacement coverage to be obtained for the insured; and
   2. (2) the earned premiums to be paid to the receiver.

2. (b) The agent shall:

   1. (1) promptly return to an insured who paid the premiums any unearned premiums in the possession of the agent on the cancellation date of the policy; or
   2. (2) with the approval of the insured, use the unearned premiums to purchase new coverage for the insured with a different insurer.

3. (c) The agent shall promptly remit to the receiver any earned premiums in the possession of the agent.

   Redesignated from Insurance Code, Section 442.802 by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 3B.004(a)(2), eff. September 1, 2007.

   Redesignated from Insurance Code, Section 442.802 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 9.004(a)(2), eff. September 1, 2007.

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.