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Senate Bill 1806 |
Senate Author: Lucio |
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Effective: 5-28-11 |
House Sponsor: Miller, Sid |
Senate Bill 1806 amends the Insurance Code to authorize the commissioner of insurance to assess a fee against an agent who files a surplus lines insurance policy with the stamping office after the filing deadline prescribed by law and sets the amount of the fee as follows:
· for an agent who files a policy on or before the 180th day after the policy's effective date or issue date and who, in the calendar year immediately preceding the year in which the policy is late-filed, has filed not more than five percent of the policies the agent was required to file after the prescribed filing deadline, $50 for each late-filed policy, or, for an agent who filed more than five percent of the policies the agent was required to file after the prescribed filing deadline, $100 for each late-filed policy;
· for an agent who files a policy after the 180th day but before the 365th day after the policy's effective date or issue date and who, during the immediately preceding calendar year, filed not more than two percent of the policies that the agent was required to file after the prescribed filing deadline, $200 for the late-filed policy; or
· for an agent who, not later than January 1, 2012, files a late-filed policy with an effective date before January 1, 2010, that at the time the policy is filed has not been listed in a previous late-filed policy report of the stamping office, $50 for each late-filed policy.
Senate Bill 1806 establishes the conditions under which an agent who files a surplus lines policy after the prescribed filing deadline is subject to certain disciplinary and enforcement actions, sanctions, and administrative penalties and sets out requirements for the Texas Department of Insurance's notice to an agent of the amount of fees assessed for late-filed polices.