Texas Insurance Code 402.101 – Nonrenewals, Cancellations, and Revisions Considered Material
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Terms Used In Texas Insurance Code 402.101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Property: means real and personal property. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
For purposes of this chapter, a nonrenewal, cancellation, or revision of a ceded reinsurance agreement is material if, on an annual basis, as reported in an insurer’s or health maintenance organization’s most recent statutory statement filed with the department, the nonrenewal, cancellation, or revision affects:
(1) for property and casualty business, including accident and health business when written as property and casualty business, more than 50 percent of the insurer’s or health maintenance organization’s ceded written premium; or
(2) for life, annuity, and accident and health business, more than 50 percent of the total reserve credit taken for business ceded by the insurer or health maintenance organization.