Section 19.1407 - Approval of Reinsurance Intermediary Manager's Contracts(a) A written contract, which specifies the responsibilities of each party, must be approved by the insurer's board of directors or attorney in fact and executed by a responsible officer of an insurer and a manager prior to entering into any transaction between the manager and the insurer.(b) A copy of the executed contract and the approval of the insurer's board of directors or attorney in fact must be filed by the manager with the commissioner for approval at least 30 days before the insurer assumes or cedes any business through the manager.(c) The contract must include the minimum requirements specified in Insurance Code § 4152.201, concerning Contract Between Manager and Insurer. A contract that does not comply with the minimum requirements of the Insurance Code or this section will not be considered to have been filed with the commissioner for approval. The contract will be approved or disapproved within 30 days of its filing.(d) A failure to file complete and accurate information in all material respects is grounds for disapproval of the contract by the commissioner under Insurance Code § 4152.201.(e) Any disapproval by the commissioner of any contract filed under this section will set forth the specific reasons for such disapproval.(f) If any material changes are made to the contract filed with the commissioner, an amended contract setting forth such changes must be filed with the commissioner for approval as if it were a new contract.(g) Contracts subject to this section and Insurance Code § 4152.201, must be filed using the method described on the department's website for the purpose of determining compliance with this section. Telephonic or fax transmissions will not constitute proper filing under this section.(h) This section will be cumulative of and in addition to the requirements of Insurance Code Chapter 4053, concerning Managing General Agents; Chapter 4152, concerning Reinsurance Intermediaries; and Chapter 823, concerning Insurance Holding Company Systems, and related regulations. Nothing contained in this section is intended to exempt an insurer or its reinsurance intermediary manager from other provisions of the Insurance Code.28 Tex. Admin. Code § 19.1407
The provisions of this §19.1407 adopted to be effective April 13, 1992, 17 TexReg 2276; Amended by Texas Register, Volume 48, Number 24, June 16, 2023, TexReg 3293, eff. 6/19/2023