1114.053 – DUTIES OF REPLACING INSURERS THAT USE AGENTS.
Texas Insurance Code § 1114.053
Summary
This law outlines the responsibilities of insurers that replace existing policies through agents. It mandates that these insurers ensure compliance with required forms and notify existing insurers about the proposed replacements within a specified timeframe.
Insurers must verify compliance with required forms.
Notification to existing insurers is required within five business days.
Applies specifically to transactions involving policy replacements.
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In simple terms: Learn about Texas's DUTIES OF REPLACING INSURERS THAT USE AGENTS. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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