(a) Each insurance carrier shall report to the commission and to the claimant/legal beneficiary, in a format, form, and manner prescribed by the commission, the initial payment of income or death benefits to the claimant/beneficiary, within ten days of:
- (1) the issuance of a check, or other negotiable instrument; or
- (2) the transfer of funds electronically to the claimant's/beneficiary's account.
- (b) Effective March 15, 1995, each insurance carrier shall submit information to the commission in the format, form, and manner prescribed by the commission. With the initial payment of income or death benefits, a notice or letter with content prescribed by the commission will be sent by the carrier to the claimant/legal beneficiary.
- (c) The commission shall prescribe the form, format, and content of any required electronic submission through instructions, specifications, and Electronic Data Interchange trading partner agreements.
Source Note:The provisions of this §124.2 adopted to be effective January 11, 1991, 16 TexReg 116; amended to be effective March 15, 1995, 20 TexReg 1421.