SECTION 3.6001. Responsibilities of Insurers

Each insurer transacting credit insurance business in this state shall, in compliance with the laws of this state and the regulations promulgated thereunder, be responsible for:

(1) the approval, production, reproduction, amendment, and modification of its policies, certificates of insurance, and other insurance forms including rate schedules, and for the issuance, cancellation, or termination of such policies, certificates, or forms;

(2) the selection and appointment of its agents and representatives;

(3) the proper charge, collection, remittance, and refund of credit insurance premiums;

(4) the receipt of copies of all certificates of insurance and other insurance forms issued in its name by its agents and representatives or the receipt of electronic or other data therefor which can be substantiated by certificates of insurance or other insurance forms;

(5) the computation and maintenance of policy holder and claims reserves in accordance with §3.6101 and §3.6102 of this title (relating to Policy and Claim Reserves) of these sections; and

(6) the investigation of claims filed against the insurer and the payment, adjustment, settlement, or denial of such claims. None of the foregoing ultimate responsibilities of the insurer may be delegated to any other person, nor may the performance of such responsibilities be assigned to any creditor or to any agent or representative selected and appointed by the insurer, except as provided in these sections.

Source Note: The provisions of this §3.6001 adopted to be effective October 1, 1980, 5 TexReg 2772.