Texas Insurance Code 4102.103 – Contract for Services Required
(a) A license holder may not, directly or indirectly, act within this state as a public insurance adjuster without having first entered into a contract, in writing, on a form approved by the commissioner, executed in duplicate by the license holder and the insured or the insured’s duly authorized representative. A license holder may not use any form of contract that is not approved by the commissioner.
(b) The contract must contain a provision allowing the client to rescind the contract by written notice to the license holder within 72 hours of signature, and must include a prominently displayed notice in 12-point boldface type that states “WE REPRESENT THE INSURED ONLY.” The commissioner by rule may require additional prominently displayed notice requirements in the contract as the commissioner considers necessary.
Terms Used In Texas Insurance Code 4102.103
- Contract: A legal written agreement that becomes binding when signed.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Rule: includes regulation. See Texas Government Code 311.005
- Signature: includes the mark of a person unable to write, and "subscribe" includes the making of such a mark. See Texas Government Code 312.011
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) One copy of the contract shall be kept on file in this state by the license holder and must be available at all times for inspection, without notice, by the commissioner or the commissioner’s duly authorized representative.
(d) A license holder may not enter into a contract with an insured and collect a commission as provided by § 4102.104 without the intent to actually perform the services customarily provided by a licensed public insurance adjuster for the insured.