1. (a) No surety bond, insurance policy, or certificate of insurance will be accepted by the commission unless issued by an insurance company or surety company licensed and authorized to do business in the State of Texas, in the form prescribed or approved by the Texas Department of Insurance and signed or countersigned by an authorized agent of the insurance company or surety company. The commission will accept a certificate of insurance issued by a surplus lines insurer that meets the requirements of the Insurance Code, Article 1.14-2, and rules adopted by the Texas Department of Insurance under that article, if accompanied by proof of inability to obtain insurance from an insurance company authorized to do business in the State of Texas. Proof of the motor bus carrier's inability to obtain insurance shall be made in accordance with 28 Texas Administrative Code §15.13 (concerning surplus lines insurance requests for information, examination, and complaints). Each certificate of insurance filed with the commission for the coverage required under §5.205 of this title (relating to Minimum Limits of Financial Responsibility) shall be accompanied by a filing fee of $100.
2. (b) In all instances in which the insurer or surety of a motor bus carrier becomes insolvent or becomes involved in a receivership or other insolvency proceeding, the motor bus carrier may apply for approval of a surety bond or insurance policy issued by another surety or insurer, upon filing with the commission an affidavit, executed by an owner, partner, or officer of the motor bus carrier, showing that no accidents or claims have occurred or arisen during the insolvency of the insurance carrier or surety, or that all damages and claims so arising have been satisfied.

Source Note:The provisions of this §5.206 adopted to be effective July 18, 1995, 20 TexReg 4917.