SECTION 5.9407. Participating Insurers

(a) Eligibility. An insurer as defined in §5.9403 of this plan of operation (also §5.9403 of this title (relating to Definitions)) is eligible to participate in the MAP.

(b) Voluntary participation.

(1) An insurer who wishes to participate in the MAP shall notify the Department in writing of the insurer's intent to voluntarily participate in the MAP.

(2) An insurer may use any criteria from the MAP application to select applications for review.

(3) A participating insurer shall notify all agents appointed with the insurer that the insurer is voluntarily participating in the MAP and shall provide to its agents information about the MAP and its procedures.

(4) A participating insurer shall provide the Department with no less than 30 days advance written notice when the insurer decides to terminate its voluntary participation in the MAP.

(c) Required compliance with insurance laws and regulations.

(1) A participating insurer shall comply with all laws, rules and regulations governing the operation of the MAP.

(2) A participating insurer is subject to all other applicable laws, rules, and regulations governing the writing of residential property insurance in this state.

Source Note: The provisions of this §5.9407 adopted to be effective October 1, 1996, 21 TexReg 8715; amended to be effective August 1, 1998, 23 TexReg 7587; transferred effective April 16, 1999, 24 TexReg 3092.