Revised Surplus Lines Laws Adopted
The Texas Department of Insurance (TDI) has considered rule changes to the Texas Administrative Code, concerning surplus lines insurance. Today, TDI announced that it has repealed and replaced Chapter 15 of the Code. A full review of the new law can be viewed online.
The new rule has removed the SLTX Plan of Operation from the rule, allowing it to be more efficiently amended. According to the Texas Insurance Code, the Commissioner of Insurance must approve by order the plan of operation, but the text of the plan does not have to be a rule.
As SLTX reviews the rule changes, more information will be provided.