| (a) This section defines "good cause" for the purpose
of extending the deadlines in Insurance Code §2210.573(b) and
(d) and §2210.5741(b). In this section, "good cause" means objective
facts beyond the association's control that reasonably caused or may
cause the association to fail to meet a deadline in Insurance Code §2210.573(b)
or (d) or §2210.5741(b).
(b) If the association shows good cause in a request
for an extension, or in the absence of a request, if the Commissioner
determines good cause exists, the Commissioner may, consistent with
subsection (e) of this section, extend the deadlines established under
Insurance Code §2210.573(b) and (d) and §2210.5741(b). An
extension granted under this section is effective on the date of the
deadline for which it is granted. An extension is limited to the claims
for which it is granted.
(c) A request for an extension under this section must:
(1) be sent in writing to the department, under §5.4251
of this title (relating to Requests and Submissions to the Department);
(2) specify the deadline or deadlines for which an
extension is requested;
(3) identify the claims for which an extension is requested
by:
(A) the type of policy; and
(B) the time period during which the event occurred
and a description of the event that gave rise to the claims;
(4) specify the association's estimated total number
of claims arising from the event that gave rise to the claims for
which an extension is requested;
(5) describe the good cause for which the association
cannot meet the deadlines in Insurance Code §2210.573(b) and
(d) and §2210.5741(b); and
(6) if the association requests a specific amount of
time, provide an explanation for the time requested.
(d) In addition to the information described in subsection
(c) of this section, the Commissioner may use any other information
the Commissioner deems appropriate when determining if good cause
exists to extend the deadlines in Insurance Code §2210.573(b)
and (d) and §2210.5741(b).
(e) For deadlines under this section and Insurance
Code Chapter 2210, Subchapter L-1 that apply only to the association,
the Commissioner may not extend the deadlines more than 120 days in
the aggregate for claims arising from the same occurrence.
(f) This section applies to the remaining term of association
policies ceded to an insurer under the assumption reinsurance depopulation
program in Insurance Code Chapter 2210, Subchapter O. If one of these
insurers seeks a deadline extension under this section, the insurer
must comply with subsections (a) - (c) of this section, as though
it were the association. This section does not apply to a policy renewed
under Insurance Code §2210.703.
|
