- (a) A written contract, which specifies the responsibilities of each party, shall be approved by the insurer's board of directors or attorney in fact and executed by a responsible officer of an insurer and a manager prior to entering into any transactions between the manager and the insurer.
- (b) A copy of the executed contract and the approval of the insurer's board of directors or attorney in fact shall be filed by the manager with the commissioner for approval at least 30 days before the insurer assumes or cedes any business through the manager.
- (c) The contract shall include the minimum requirements specified in the Texas Insurance Code, Article 21.07-7, §6. A contract which does not comply with the minimum requirements of the Texas Insurance Code or this section shall not be considered to have been filed with the commissioner for approval. The contract shall be approved or disapproved within 30 days of its filing.
- (d) A failure to file complete and accurate information in all material respects is grounds for disapproval of the contract by the commissioner under the Texas Insurance Code, Article 21.07-7, §6.
- (e) Any disapproval by the commissioner of any contract filed under this section shall set forth the specific reasons for such disapproval.
- (f) If any material changes occur in the provisions set forth in the contract filed with the commissioner, an amended contract setting forth such changes shall be filed with the commissioner for approval as if it were a new contract.
- (g) Contracts subject to this section and the Insurance Code, Article 21.07-7, §6, shall be filed with the Reinsurance Activity Mail Code 303-2A, Texas Department of Insurance, 333 Guadalupe, P.O. Box 149104, Austin, Texas 78714-9104, for the purpose of determining compliance with this section. Telephonic or fax transmissions shall not constitute proper filing under this section.
- (h) This section shall be cumulative of and in addition to the requirements of the Texas Insurance Code, Article 21.07-3, Article 21.07-7, and Article 21.49-1, and related regulations. Nothing contained in this section is intended to exempt an insurer or its reinsurance intermediary manager from other provisions of the Insurance Code.
Source Note:The provisions of this §19.1407 adopted to be effective April 13, 1992, 17 TexReg 2276.