Texas Insurance Code 4152.152 – Placement of Reinsurance With Unauthorized Reinsurer
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Terms Used In Texas Insurance Code 4152.152
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
Unless the ceding insurer releases the broker in writing from the broker’s obligations under this section, a broker who places reinsurance on behalf of an authorized ceding insurer with a reinsurer that is not authorized, accredited, or trusteed in this state under Chapter 493 shall:
(1) exercise due diligence in inquiring into the financial condition of the reinsurer;
(2) disclose to the ceding insurer the broker’s findings in connection with the inquiry under Subdivision (1); and
(3) make available to the ceding insurer a copy of the current financial statement of the reinsurer.