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A BILL TO BE ENTITLED
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AN ACT
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relating to regulation and licensing of certain insurance agents. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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ARTICLE 1. LICENSING OF CERTAIN INSURANCE AGENTS |
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SECTION 1.01. Chapter 4051, Insurance Code, is amended by |
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adding Subchapter I to read as follows: |
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SUBCHAPTER I. PERSONAL LINES PROPERTY AND CASUALTY AGENT |
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Sec. 4051.401. PERSONAL LINES PROPERTY AND CASUALTY |
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LICENSE; LICENSE REQUIRED. A person is required to hold a personal |
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lines property and casualty license if the person acts as: |
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(1) an agent who writes property and casualty |
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insurance sold to individuals and families primarily for personal |
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or household use for an insurer authorized to engage in the business |
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of property and casualty insurance in this state; or |
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(2) a subagent of a person who holds a license as an |
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agent under this subchapter who solicits and binds insurance risks |
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for that agent. |
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Sec. 4051.402. AUTHORITY TO WRITE ADDITIONAL LINES. (a) A |
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person who holds a personal lines property and casualty license may |
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write the kind of insurance contracts described by: |
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(1) this subchapter; |
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(2) Subchapters C and E; and |
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(3) Chapter 4055. |
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(b) In addition to any of the insurance contracts described |
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by Subsection (a), a person who holds a personal lines property and |
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casualty license may write accident and health insurance contracts |
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for individuals and families for personal, family, or household |
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purposes for a property and casualty insurer authorized to sell |
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those insurance products in this state. |
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Sec. 4051.403. PERSONAL LINES INCLUDED IN GENERAL PROPERTY |
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AND CASUALTY LICENSE. Notwithstanding Section 4051.401, a person |
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who holds a general property and casualty license under Subchapter |
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B may write the kinds of insurance described by this subchapter. |
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Sec. 4051.404. FEES. Section 4001.006 applies to all fees |
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collected under this subchapter. |
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SECTION 1.02. Chapter 4054, Insurance Code, is amended by |
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adding Subchapter G to read as follows: |
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SUBCHAPTER G. LIFE AGENT |
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Sec. 4054.301. LICENSE REQUIRED. (a) Except as provided by |
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Subsection (b), a person is required to hold a life agent license if |
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the person does not hold a general life, accident, and health |
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license under Subchapter B and the person acts as: |
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(1) an agent who writes insurance coverage on human |
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lives, including endowment benefits and annuities, benefits in the |
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event of death or dismemberment by accident, and benefits for |
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disability income; |
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(2) an industrial life insurance agent for an insurer |
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that writes only weekly premium life insurance on a debit basis |
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under Chapter 1151; |
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(3) an agent who writes fixed or variable annuity |
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contracts or variable life contracts; |
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(4) an agent who writes for a stipulated premium |
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company only life insurance in excess of $15,000 on any one life; or |
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(5) an agent who writes any other kind of insurance as |
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required by the commissioner for the protection of the insurance |
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consumers of this state. |
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(b) A person who holds a limited license under Subchapter C |
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and who engages in the business of insurance only within the scope |
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of that license is not required to hold a life agent license. A |
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person who holds a life agent license may write the insurance |
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described by that subchapter. |
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(c) A person who holds a funeral prearrangement life |
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insurance license under Subchapter D and who engages in the |
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business of insurance only within the scope of that license is not |
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required to hold a life agent license. A person who holds a life |
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agent license may write the insurance described by that subchapter. |
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(d) A person who holds a license to write life insurance not |
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exceeding $15,000 under Subchapter E and who engages in the |
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business of insurance only within the scope of that license is not |
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required to hold a life agent license. A person who holds a life |
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agent license may write the insurance described by that subchapter. |
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(e) This subchapter does not apply to a person who holds a |
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specialty license under Chapter 4055 and who engages in the |
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business of insurance only within the scope of the specialty |
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license. |
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Sec. 4054.302. AUTHORITY TO WRITE SPECIFIED COVERAGES. A |
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person who holds a license under this subchapter may write only |
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insurance described by Sections 4054.301(a)-(d). |
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Sec. 4054.303. APPLICABILITY OF CERTAIN REQUIREMENTS. |
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Except as otherwise provided by this code, the provisions of this |
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title that apply to the holder of a general life, accident, and |
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health license apply to the holder of a license issued under this |
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subchapter. |
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Sec. 4054.304. FEES. Section 4001.006 applies to all fees |
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collected under this subchapter. |
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ARTICLE 2. CONFORMING AMENDMENTS |
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SECTION 2.01. Section 523.152(a), Insurance Code, is |
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amended to read as follows: |
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(a) An originating agent shall share commissions with an |
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issuing agent as required by the market assistance program plan of |
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operation if the originating agent holds a license as: |
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(1) a general property and casualty agent or a |
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personal lines property and casualty agent; or |
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(2) a salaried representative for one or more insurers |
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whose plan of operation does not contemplate the use of general |
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property and casualty agents or personal lines property and |
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casualty agents. |
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SECTION 2.02. Section 549.053(b), Insurance Code, is |
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amended to read as follows: |
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(b) Subsection (a) does not: |
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(1) apply if the borrower provides the lender with |
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specific written authority permitting or directing the particular |
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use or disclosure of information before the use or disclosure |
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occurs; or |
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(2) prevent a lender who is a licensed general |
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property and casualty agent or a personal lines property and |
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casualty agent from selling insurance to a borrower. |
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SECTION 2.03. Section 549.055, Insurance Code, is amended |
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to read as follows: |
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Sec. 549.055. INSURANCE BINDER AS EVIDENCE OF INSURANCE. |
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(a) A lender that requires a borrower to secure insurance coverage |
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before the lender will provide a residential mortgage or commercial |
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real estate loan must accept an insurance binder as evidence of the |
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required insurance and may not require the borrower to provide an |
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original insurance policy instead of a binder if: |
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(1) the binder is issued by a licensed general |
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property and casualty agent or a personal lines property and |
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casualty agent who is appointed to represent the insurer whose name |
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appears on the binder and who is authorized to issue binders; |
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(2) the binder is accompanied by evidence of payment |
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of the required premium; and |
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(3) the binder will be replaced by an original |
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insurance policy for the required coverage on or before the 30th day |
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after the date the binder is issued. |
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(b) A [general] property and casualty agent who issues an |
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insurance binder under Subsection (a) must, on request, provide the |
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lender with appropriate evidence for purposes of Subsection (a)(1). |
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SECTION 2.04. Section 549.056(e), Insurance Code, is |
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amended to read as follows: |
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(e) Except as provided by this subsection, this subchapter |
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does not prevent a lender from requiring, at or before the time of |
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delivery to the lender of an insurance policy by a general property |
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and casualty agent or a personal lines property and casualty agent |
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or by the insurer, [of an insurance policy to the lender] a written |
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statement from the borrower designating the agent or insurer as the |
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borrower's agent for the delivery of the policy. A lender may not |
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require a statement described by this subsection when an agent or |
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insurer is providing a renewal of an existing expiring insurance |
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policy provided by the agent or insurer. |
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SECTION 2.05. Section 559.001(2), Insurance Code, is |
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amended to read as follows: |
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(2) "Agent" means a person licensed or required to be |
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licensed as a general property and casualty insurance agent or a |
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personal lines property and casualty agent under Chapter 4051. |
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SECTION 2.06. The heading to Section 651.008, Insurance |
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Code, is amended to read as follows: |
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Sec. 651.008. AUTHORITY OF CERTAIN [GENERAL] PROPERTY AND |
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CASUALTY AGENTS TO CHARGE INTEREST TO CERTAIN PERSONS. |
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SECTION 2.07. Section 651.008(a), Insurance Code, is |
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amended to read as follows: |
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(a) Notwithstanding any other law, a general property and |
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casualty agent or a personal lines property and casualty agent who |
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holds a license under Chapter 4051 may enter into a written |
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agreement with a purchaser of insurance from the agent that |
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provides for the payment of interest to the agent on any amount due |
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to the agent for the insurance purchased. The interest is computed |
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at a rate not to exceed the greater of: |
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(1) a rate allowed by Chapter 303, Finance Code; or |
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(2) the rate of one percent a month. |
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SECTION 2.08. Section 885.351, Insurance Code, is amended |
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to read as follows: |
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Sec. 885.351. AGENTS. (a) A fraternal benefit society may |
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appoint an agent licensed by the department under Chapter 4054 |
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[Article 21.07-1] to sell benefits listed under Section 885.301(a) |
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to society members. |
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(b) Except as provided by Section 885.352, a person may not |
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solicit or procure benefit contracts for a fraternal benefit |
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society unless the person is licensed as a general life, accident, |
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and health agent or a life agent under Chapter 4054 [Article
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21.07-1]. |
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(c) The licensing and regulation of agents for fraternal |
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benefit societies is subject to Title 13 [Subchapter A, Chapter
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21,] and other laws regulating those agents. |
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SECTION 2.09. Section 981.203(a), Insurance Code, is |
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amended to read as follows: |
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(a) The department may issue a surplus lines license to an |
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applicant who the department determines complies with Subsection |
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(b) and is: |
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(1) an individual who: |
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(A) has passed an examination under Chapter 4002 |
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[Article 21.01-1] and department rules; and |
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(B) holds a current license as: |
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(i) a general property and casualty agent |
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authorized under Chapter 4051 [Article 21.14]; or |
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(ii) a managing general agent; or |
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(2) a corporation, limited liability company, or |
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partnership that: |
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(A) has at least one officer or director or at |
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least one active partner who has passed the required surplus lines |
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license examination; |
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(B) holds a current license as: |
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(i) a general property and casualty agent |
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authorized under Chapter 4051 [Article 21.14]; or |
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(ii) a managing general agent; and |
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(C) conducts insurance activities under this |
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chapter only through an individual licensed under this section. |
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SECTION 2.10. Section 981.220, Insurance Code, is amended |
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to read as follows: |
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Sec. 981.220. MANAGING GENERAL AGENTS; LIMITED AUTHORITY |
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OF CERTAIN AGENTS. [(a) A managing general agent is not required to
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hold a local recording agent license to be eligible to receive a
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surplus lines license.
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[(b)] A surplus lines license granted to a managing general |
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agent who is not also licensed under Chapter 4051 [Article 21.14] is |
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limited to the acceptance of business originating through a |
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licensed general property and casualty agent. The license does not |
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authorize the agent to engage in business directly with the |
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insurance applicant. |
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SECTION 2.11. Section 1152.151, Insurance Code, is amended |
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to read as follows: |
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Sec. 1152.151. AGENT'S LICENSE REQUIRED. (a) A person may |
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not sell or offer for sale in this state a variable contract, or act |
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to negotiate, make, or consummate a variable contract for another, |
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unless the department has licensed the person under Chapter 4054 |
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[Article 21.07-1] as a general life, accident, and health agent or a |
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life agent. |
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(b) The licensing and regulation of a person acting as a |
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variable contract agent is subject to the same provisions |
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applicable to the licensing and regulation of other agents under |
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Title 13 [Subchapter A, Chapter 21]. |
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SECTION 2.12. Section 1505.005(b), Insurance Code, is |
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amended to read as follows: |
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(b) A person licensed as a general life, accident, and |
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health agent under Chapter 4054, [or] as a general property and |
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casualty agent under Chapter 4051 authorized to write health and |
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accident insurance under Section 4051.053, or as a personal lines |
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property and casualty agent authorized to write health and accident |
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insurance under Section 4051.402, [or 4054] may act in the licensed |
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capacity in connection with an insurance policy or a certificate of |
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insurance issued by an unincorporated association, trust, or other |
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organization formed under Subsection (a). The agent is not |
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required to notify the department that the person has been |
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appointed to act for that purpose. |
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SECTION 2.13. Section 2151.053, Insurance Code, is amended |
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to read as follows: |
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Sec. 2151.053. MEMBERSHIP OF GOVERNING COMMITTEE. The |
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governing committee is composed of 15 members selected as follows: |
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(1) eight members who represent the interests of |
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insurers, elected by the association members according to a method |
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the members determine; |
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(2) five public members, nominated by the office of |
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public insurance counsel and selected by the commissioner; and |
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(3) two members who are general or personal lines |
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property and casualty agents, as required by the plan of operation. |
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SECTION 2.14. Section 2210.102(a), Insurance Code, is |
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amended to read as follows: |
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(a) The board of directors is composed of the following nine |
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members: |
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(1) five representatives of different insurers who are |
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members of the association, elected by the members as provided by |
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the plan of operation; |
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(2) two public representatives who are nominated by |
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the office of public insurance counsel and who, as of the date of |
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the appointment: |
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(A) reside in a catastrophe area; and |
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(B) are policyholders of the association; and |
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(3) two [general] property and casualty agents, each |
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of whom must: |
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(A) [who] have demonstrated experience in the |
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association; [and] |
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(B) maintain the agent's [whose] principal |
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office [offices], as of the date of the appointment, [are located] |
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in a catastrophe area; and |
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(C) hold a license under Chapter 4054 as a |
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general property and casualty agent or a personal lines property |
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and casualty agent. |
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SECTION 2.15. Section 2210.202(b), Insurance Code, is |
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amended to read as follows: |
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(b) A general property and casualty agent or a personal |
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lines property and casualty agent must submit an application for |
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the insurance coverage on behalf of the applicant on forms |
|
prescribed by the association. The application must contain a |
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statement as to whether the applicant has submitted or will submit |
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the premium in full from personal funds or, if not, to whom a |
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balance is or will be due. |
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SECTION 2.16. Section 2210.204(d), Insurance Code, is |
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amended to read as follows: |
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(d) If an insured requests cancellation of the insurance |
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coverage, the association shall refund the unearned premium payable |
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to the insured and the holder of an unpaid balance. The [general] |
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property and casualty agent who submitted the application shall |
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refund the agent's commission on any unearned premium in the same |
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manner. |
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SECTION 2.17. Section 2211.154(b), Insurance Code, is |
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amended to read as follows: |
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(b) A general property and casualty agent or personal lines |
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property and casualty agent may make an application on behalf of the |
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applicant. The applicant or agent must submit the application on a |
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form prescribed by the association. |
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SECTION 2.18. Section 4001.205(a), Insurance Code, is |
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amended to read as follows: |
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(a) A general life, accident, and health agent, life |
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insurance agent, [or a] general property and casualty agent, or |
|
personal lines property and casualty agent appointed by an insurer |
|
authorized to engage in the business of insurance in this state |
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shall notify the department on a form prescribed by the department |
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if the agent appoints a subagent. The notice must be accompanied by |
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a nonrefundable fee in an amount set by the department. |
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SECTION 2.19. Section 4002.003(a), Insurance Code, is |
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amended to read as follows: |
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(a) The department may not require a person to take an |
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examination under this chapter if the person is: |
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(1) an applicant for the renewal of an unexpired |
|
license issued by the department; |
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(2) an applicant whose license issued by the |
|
department expired less than one year before the date of the |
|
application, if the previous license was not denied, revoked, or |
|
suspended by the commissioner; |
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(3) a partnership, corporation, or depository |
|
institution; |
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(4) an applicant for a life, accident, and health |
|
license who is designated as a chartered life underwriter (CLU); |
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(5) an applicant for a life and health insurance |
|
counselor license who is designated as a chartered life underwriter |
|
(CLU), chartered financial consultant (ChFC), or certified |
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financial planner (CFP); |
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(6) an applicant for a property and casualty license |
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who is designated as a chartered property casualty underwriter |
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(CPCU); |
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(7) an applicant for a specialty license issued under |
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Chapter 4055; |
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(8) a nonresident individual who is exempt from the |
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examination requirement under Chapter 4056; or |
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(9) an applicant for a general life, accident, and |
|
health license or a life agent license who was authorized to solicit |
|
or procure insurance on behalf of a fraternal benefit society on |
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September 1, 1999, if the applicant: |
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(A) solicited or procured insurance on behalf of |
|
the fraternal benefit society for at least 24 months preceding |
|
September 1, 1999; and |
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(B) does not, on or after September 1, 1999, |
|
solicit or procure: |
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(i) insurance for any other insurer or a |
|
different fraternal benefit society; |
|
(ii) an insurance contract from anyone |
|
other than a person who is eligible for membership in the fraternal |
|
benefit society; or |
|
(iii) an interest-sensitive life insurance |
|
contract that exceeds $35,000 of coverage on an individual life, |
|
unless the applicant is designated as a "Fraternal Insurance |
|
Counselor" at the time the contract is solicited or procured. |
|
SECTION 2.20. Section 4004.053(a), Insurance Code, is |
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amended to read as follows: |
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(a) An individual who holds a general life, accident, and |
|
health license, a life agent license, a life and health insurance |
|
counselor license, [or] a general property and casualty license, or |
|
a personal lines property and casualty license must complete 15 |
|
hours of continuing education annually. If the individual holds |
|
more than one license for which continuing education is otherwise |
|
required, the individual is not required to complete more than 15 |
|
continuing education hours annually. |
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SECTION 2.21. Section 4005.002(a), Insurance Code, is |
|
amended to read as follows: |
|
(a) In connection with a client's application for insurance |
|
coverage or with [,] the issuance of an insurance policy to a |
|
client, or on a client's request, a general property and casualty |
|
agent or personal lines property and casualty agent may obtain: |
|
(1) the motor vehicle record of a person insured under |
|
or to be insured under an insurance policy; or |
|
(2) a photograph of property insured under or to be |
|
insured under an insurance policy. |
|
SECTION 2.22. Section 4005.003, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4005.003. FEES. (a) A general property and casualty |
|
agent or personal lines property and casualty agent may charge a |
|
client a fee to reimburse the agent for costs the agent incurred in |
|
obtaining a motor vehicle record or photograph of property |
|
described under Section 4005.002. The fee may not exceed the actual |
|
costs to the agent. |
|
(b) For services provided to a client, a [general] property |
|
and casualty agent described by Subsection (a) may charge a |
|
reasonable fee, including a fee for: |
|
(1) special delivery or postal charges; |
|
(2) printing or reproduction costs; |
|
(3) electronic mail costs; |
|
(4) telephone transmission costs; and |
|
(5) similar costs that the agent incurs on behalf of |
|
the client. |
|
(c) A [general] property and casualty agent described by |
|
Subsection (a) may charge a client a fee under this section only if, |
|
before the agent incurs an expense for the client, the agent: |
|
(1) notifies the client of the agent's fee; and |
|
(2) obtains the client's written consent for each fee |
|
to be charged. |
|
SECTION 2.23. Section 4051.001, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4051.001. APPLICABILITY OF CHAPTER. (a) This |
|
subchapter and Subchapters B-E, [and] G, and I apply to each agent |
|
of an insurer authorized to engage in the business of property and |
|
casualty insurance in this state. |
|
(b) This subchapter and Subchapters B-E, [and] G, and I |
|
apply to each person who performs the acts of an agent, as described |
|
by Section 4001.051, whether through an oral, written, electronic, |
|
or other form of communication, by soliciting, negotiating, |
|
procuring, or collecting a premium on an insurance contract offered |
|
by any kind of insurer authorized to engage in the business of |
|
property and casualty insurance in this state, including: |
|
(1) a fidelity or surety company; |
|
(2) a mutual insurance company, including a farm |
|
mutual or a county mutual; |
|
(3) a reciprocal or interinsurance exchange; and |
|
(4) a Lloyd's plan. |
|
SECTION 2.24. Section 4051.051, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4051.051. LICENSE REQUIRED. (a) A person is required |
|
to hold a general property and casualty license if the person acts |
|
as: |
|
(1) an agent who writes property and casualty |
|
insurance for an insurer authorized to engage in the business of |
|
property and casualty insurance in this state; |
|
(2) a subagent of a person who holds a license as an |
|
agent under this chapter who solicits and binds insurance risks for |
|
that agent; or |
|
(3) an agent who writes any other kind of insurance as |
|
required by the commissioner for the protection of the insurance |
|
consumers of this state. |
|
(b) Notwithstanding Subsection (a), a person is not |
|
required to hold a general property and casualty license to engage |
|
in an activity described by Subsection (a) if the person: |
|
(1) holds a license under this chapter as a personal |
|
lines property and casualty agent; and |
|
(2) limits activities described by Subsection (a) to |
|
those activities authorized under the scope of the person's |
|
license. |
|
SECTION 2.25. Section 4053.002, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4053.002. EXCEPTION. An agent licensed under |
|
Subchapter E, [of] Chapter 981, Subchapters B-E or I, [of] Chapter |
|
4051, or Chapter 4056 is not a managing general agent unless the |
|
agent accepts 50 percent or more of the agent's total annual |
|
business or does $500,000 or more of total annual business as |
|
measured by premium volume, whichever amount is less, from |
|
insurance policies produced and sold by other agents. |
|
SECTION 2.26. Section 4053.101, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4053.101. GENERAL POWERS AND DUTIES. A managing |
|
general agent acting for an insurer may: |
|
(1) receive and pass on daily reports and monthly |
|
accounts; |
|
(2) receive and be responsible for agency balances; |
|
(3) handle the adjustment of losses; or |
|
(4) appoint or direct general property and casualty |
|
agents and personal lines property and casualty agents in this |
|
state. |
|
SECTION 2.27. Section 4054.051, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4054.051. LICENSE REQUIRED. Except as provided by |
|
Subchapter G, a [A] person is required to hold a general life, |
|
accident, and health license if the person acts as: |
|
(1) an agent who represents a health maintenance |
|
organization; |
|
(2) an industrial life insurance agent for an insurer |
|
that writes only weekly premium life insurance on a debit basis |
|
under Chapter 1151; |
|
(3) an agent who writes life, accident, and health |
|
insurance for a life insurance company; |
|
(4) an agent who writes only accident and health |
|
insurance; |
|
(5) an agent who writes fixed or variable annuity |
|
contracts or variable life contracts; |
|
(6) an agent who writes for a stipulated premium |
|
company: |
|
(A) only life insurance in excess of $15,000 on |
|
any one life; |
|
(B) only accident and health insurance; or |
|
(C) both kinds of insurance described by |
|
Paragraphs (A) and (B); |
|
(7) an agent who writes life, accident, and health |
|
insurance for any type of authorized life insurance company that is |
|
domiciled in this state, including a legal reserve life insurance |
|
company, and who represents the company: |
|
(A) in a foreign country or territory; and |
|
(B) on a United States military installation or |
|
with United States military personnel; |
|
(8) an agent who writes life, accident, and health |
|
insurance for a fraternal benefit society except as provided by |
|
Section 885.352; or |
|
(9) an agent who writes any other kind of insurance as |
|
required by the commissioner for the protection of the insurance |
|
consumers of this state. |
|
SECTION 2.28. Section 4054.052(b), Insurance Code, is |
|
amended to read as follows: |
|
(b) A person may not act as a combination life insurance |
|
agent for a combination company unless the person holds a general |
|
life, accident, and health license or a life agent license. |
|
SECTION 2.29. Section 4055.013, Insurance Code, is amended |
|
to read as follows: |
|
Sec. 4055.013. ASSIGNMENT AND TRANSFER OF COMPENSATION BY |
|
CERTAIN AGENTS. A person who is licensed as a general life, |
|
accident, and health agent, life insurance agent, [or as a] general |
|
property and casualty agent, or personal lines property and |
|
casualty agent or who holds a substantially equivalent license |
|
under this code, as determined by the commissioner, and who enters |
|
into a contract with an insurer to act as the insurer's agent in |
|
soliciting or writing policies or certificates of insurance that |
|
are subject to this chapter may assign and transfer to the agent's |
|
employer any commission, fee, or other compensation to be paid to |
|
the agent under the agent's contract with the insurer only if the |
|
sale of the insurance product occurs within the scope of the agent's |
|
employment. |
|
SECTION 2.30. Section 4101.001(a), Insurance Code, is |
|
amended to read as follows: |
|
(a) In this chapter, "adjuster" means an individual who: |
|
(1) investigates or adjusts losses on behalf of an |
|
insurer as an independent contractor or as an employee of: |
|
(A) an adjustment bureau; |
|
(B) an association; |
|
(C) a general property and casualty agent or |
|
personal lines property and casualty agent; |
|
(D) an independent contractor; |
|
(E) an insurer; or |
|
(F) a managing general agent; or |
|
(2) supervises the handling of claims. |
|
SECTION 2.31. Section 4102.051(b), Insurance Code, is |
|
amended to read as follows: |
|
(b) A license is not required for: |
|
(1) an attorney licensed to practice law in this state |
|
who has complied with Section 4102.053(a)(6); or |
|
(2) a person licensed as a general property and |
|
casualty agent or personal lines property and casualty agent under |
|
Chapter 4051 while acting for an insured concerning a loss under a |
|
policy issued by that agent. |
|
ARTICLE 3. TRANSITION; EFFECTIVE DATE |
|
SECTION 3.01. Not later than December 1, 2007, the |
|
commissioner of insurance shall adopt rules as necessary to |
|
implement: |
|
(1) Subchapter I, Chapter 4051, Insurance Code, as |
|
added by this Act; and |
|
(2) Subchapter G, Chapter 4054, Insurance Code, as |
|
added by this Act. |
|
SECTION 3.02. Effective January 1, 2008, a person who holds |
|
a license as a general property and casualty agent issued by the |
|
Texas Department of Insurance that is in good standing is: |
|
(1) entitled to receive from the department on request |
|
a license to act as a personal lines property and casualty agent |
|
under the new license type, without reexamination; and |
|
(2) subject to the provisions of the Insurance Code as |
|
amended by this Act. |
|
SECTION 3.03. Effective January 1, 2008, a person who holds |
|
a license as a general life, accident, and health agent issued by |
|
the Texas Department of Insurance that is in good standing is: |
|
(1) entitled to receive from the department on request |
|
a license to act as a life agent under the new license type, without |
|
reexamination; and |
|
(2) subject to the provisions of the Insurance Code as |
|
amended by this Act. |
|
SECTION 3.04. Chapter 4004, Insurance Code, as amended by |
|
this Act, applies to continuing education requirements for |
|
insurance agents for a renewal of a license that occurs on or after |
|
January 1, 2008. |
|
SECTION 3.05. To the extent of any conflict, this Act |
|
prevails over the Act of the 80th Legislature, Regular Session, |
|
2007, relating to nonsubstantive additions to and corrections in |
|
enacted codes (the general code update bill), and over the Act of |
|
the 80th Legislature, Regular Session, 2007, relating to |
|
nonsubstantive additions to and corrections in the Insurance Code |
|
(update of the Insurance Code). |
|
SECTION 3.06. This Act takes effect September 1, 2007. |