1. (a) Before any surplus lines agent's license shall be issued and before each renewal thereof, the following requirements must be completed by an applicant seeking a surplus lines license:

   1. (1) An appropriate written application shall be filed by the applicant upon one of the following forms, which are available from the Texas Department of Insurance (the department):

      1. (A) Surplus Lines License Application for Individual; or
      2. (B) Corporate, Partnership or Limited Liability Company Application for Surplus Lines License.
   2. (2) The fee specified by §19.802 of this title (relating to Amounts of Fees) shall be submitted, with the application, for each license by check or money order made payable to the department. The full license fee is required if the license is effective for any part of a calendar year and is non-refundable.
   3. (3) The appropriate application forms shall be submitted together with a surety bond executed in the amount of not less than $50,000 on a form specified by the department unless the Commissioner of Insurance waives, in part or in whole, the amount of the bond required as necessary to comply with federal law.
2. (b) Each surplus lines license issued to an agent shall be valid for a term expiring two years after the date of issuance unless the department's single license renewal procedures provide otherwise. The license may be renewed by submitting a renewal application showing the existence of all original licensing requirements, evidence of financial solvency if applicable, and a non-refundable license fee to the department prior to the expiration date.
3. (c) If the applicant meets the requirements set forth in subsection (a) of this section and is otherwise qualified by law, then a license certificate will be issued to the applicant by the department.

Source Note:The provisions of this §15.3 adopted to be effective December 12, 2000, 25 TexReg 12179.