SECTION 5.4302. Policy Forms, Endorsements, and Rates

(a) Policy forms and endorsements offered by insurers for voluntary market and assumption reinsurance programs under §5.4306 or §5.4307 of this title must be approved by the department. This section does not apply to the remaining term of a novated policy.

(b) Insurance Code Chapter 2210, Subchapter L-1, does not apply to policy forms and endorsements offered by insurers under this section.

(c) Except as provided in Insurance Code Chapter 2210, the terms of the policy forms and endorsements offered by insurers for voluntary market and assumption reinsurance programs must comply with the Insurance Code, including Chapter 551, Subchapters A, C, and D.

(d) Insurers must submit the policy forms and endorsements offered by insurers for voluntary market and assumption reinsurance programs under Insurance Code Chapter 2301 and Chapter 5, Subchapter M, of this title.

(e) Rates for policy forms and endorsements offered by insurers for voluntary market and assumption reinsurance programs are subject to the requirements in Insurance Code Chapter 2251. In addition to information required under Chapter 5, Subchapter M of this title, when submitting rates for policy forms and endorsements offered by insurers for assumption reinsurance programs under Insurance Code §2210.703 and §5.4307 of this title, insurers must provide an exhibit that demonstrates that each rate filed by the insurer is no more than 115 percent of the corresponding rate charged by the association.

Source Note: The provisions of this §5.4302 adopted to be effective December 22, 2015, 40 TexReg 9296