| (a) Property insurance, other than insurance covering
a motor vehicle, written in connection with a loan made under Texas
Finance Code, Chapter 342 must be written at lawful rates that have
been filed with the Texas Department of Insurance.
(b) If property insurance, other than insurance covering
a motor vehicle, requested or required on a loan is sold or obtained
by a licensee at a rate that has not been filed with the Texas Department
of Insurance, the licensee must file information with the OCCC that
the coverage and the rate bear a reasonable relationship to:
(1) the amount, term, and conditions of the loan;
(2) the value of the collateral; and
(3) the existing hazards or risk of loss, damage, or
destruction.
(c) A licensee who offers or provides property insurance,
other than insurance covering a motor vehicle, requested or required
on a loan sold or obtained by a licensee at a rate that is not filed
with the Texas Department of Insurance may use the rates found in
the following figure.
Attached Graphic
(d) A copy of the relevant policy that is to be issued
must be filed with the OCCC, together with any evidence that is probative
on the factors listed in subsection (b) of this section.
(e) Property insurance written in connection with a
Texas Finance Code, Chapter 342 loan must be provided by a company
authorized to do business in this state.
|
| Source Note: The provisions of this §83.802 adopted to be effective November 9, 2006, 31 TexReg 9001; amended to be effective November 4, 2010, 35 TexReg 9698; amended to be effective November 8, 2018, 43 TexReg 7338 |
