Texas § IN.2201.152 - PREREQUISITES TO OFFERING INSURANCE

§ IN.2201.152. PREREQUISITES TO OFFERING INSURANCE

PREREQUISITES TO OFFERING INSURANCE. (a) Before offering insurance in this state, a risk retention group not chartered in this state must submit to the commissioner: (1) a statement that: (A) identifies the state or states in which the group is chartered and authorized to engage in business as a liability insurer, the date of charter, and the group's principal place of business; and (B) provides any other information the commissioner requires to verify that the group qualifies as a risk retention group under Subchapter B, including information on the group's membership; (2) except as provided by Subsection (b), a copy of the group's plan of operation, as described by Section 2201.202 , and revisions of that plan submitted to the state in which the group is chartered and authorized to engage in business; and (3) a statement of registration that designates the commissioner as the group's agent for the purpose of receiving service of legal documents or process as provided by Chapter 804 . (b) A risk retention group is not required to submit a plan of operation under this section with respect to any line or classification of liability insurance that: (1) was defined in the Product Liability Risk Retention Act of 1981 (15 U.S.C. Section 3901 et seq.), as that Act existed before October 27, 1986; and (2) was offered before October 27, 1986, by any risk retention group that had been chartered and operating for at least three years before that date. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 2, eff. April 1, 2007.