The following words and terms when used in this plan of operation, which is contained in §§5.9401-5.9415 of this title (relating to the Residential Property Insurance Market Assistance Program Plan of Operation), shall have the following meanings unless the context clearly indicates otherwise. (1) Agent commissions--The portion of the premium paid by an insurer participating in the Residential Property Insurance Market Assistance Program for production of the residential property insurance business pursuant to Article 21.49-12 §4 of the Insurance Code. (2) Application--The form promulgated by the Texas Department of Insurance to be completed by an applicant and the originating agent and submitted to the Texas Department of Insurance or completed by an applicant and the Department to apply for assistance in obtaining residential property insurance through the Residential Property Insurance Market Assistance Program. (3) Commissioner--Commissioner of Insurance of the State of Texas. (4) Department--Texas Department of Insurance. (5) Designated underserved area--An area determined and designated by rule as an underserved area by the Commissioner of Insurance, pursuant to Article 21.49-12 of the Insurance Code, using the standards specified in Article 5.35-3 §1 of the Insurance Code. (6) Executive Committee--The 11-member body appointed by the Commissioner of Insurance and authorized pursuant to Article 21.49-12 of the Insurance Code to advise and consult with the Commissioner with regard to the administration of the Residential Property Insurance Market Assistance Program. (7) Insurer--Any insurer licensed to write property or casualty insurance and actually writing residential property insurance in Texas, including Lloyd's, reciprocals, or interinsurance exchanges; an insurer is actually writing residential property insurance in Texas if the insurer has reported under the statistical plan a positive number for residential property insurance direct written premium during the last reporting period. (8) Issuing agent-- (A) A licensed local recording agent appointed to represent the insurer providing residential property insurance coverage through the Residential Property Insurance Market Assistance Program who signs, executes, and delivers the policies of insurance; maintains a record of the business; examines and inspects the risk; receives and collects premiums; and performs other customary duties of a local recording agent; or (B) A salaried representative for an insurer whose plan of operation does not contemplate the use of local recording agents appointed to represent the insurer providing residential property insurance coverage through the Residential Property Insurance Market Assistance Program who signs, executes, and delivers the policies of insurance; maintains a record of the business; examines and inspects the risk; and receives and collects premiums; and performs other customary duties of a local recording agent. (9) Manufactured home--Mobile home, manufactured housing, or manufactured home as defined in the Texas Manufactured Housing Standards Act (Texas Revised Civil Statutes, Article 5221f). (10) MAP--The Residential Property Insurance Market Assistance Program authorized and operated pursuant to Article 21.49-12 of the Insurance Code to assist consumers in Texas in obtaining residential property insurance coverage in underserved areas as determined and designated by the Commissioner of Insurance by rule. (11) Originating agent-- (A) A licensed local recording agent authorized by Article 21.49-12 of the Insurance Code to complete an application for assistance on behalf of an applicant for submission to the Residential Property Insurance Market Assistance Program without being appointed to represent the insurer providing the coverage through the Residential Property Insurance Market Assistance Program; or (B) A salaried representative for an insurer whose plan of operation does not contemplate the use of local recording agents authorized by Article 21.49-12 of the Insurance Code to complete an application for insurance on behalf of an applicant for submission to the Residential Property Insurance Market Assistance Program without being appointed to represent the insurer providing the coverage through the Residential Property Insurance Market Assistance Program. (12) Residence premises--The residence premises shown on the declarations page of the insured's residential property insurance policy and which includes the one-family or two-family dwelling and other private structures and grounds. (13) Residential property insurance--Insurance against loss to real or tangible personal property at a fixed location provided in a homeowners policy or residential fire and allied lines policy. (14) Residential risk--Dwelling, manufactured home, or other private structure located on the residence premises, and personal property contained therein. (15) Unaffiliated--Not an affiliate or not affiliated with another insurer or insurers as "affiliate" is defined in the Insurance Holding Company System Regulatory Act (Article 21.49-1 of the Insurance Code). |
| Source Note: The provisions of this §5.9403 adopted to be effective October 1, 1996, 21 TexReg 8715; amended to be effective August 1, 1998, 23 TexReg 7587; transferred effective April 16, 1999, 24 TexReg 3092; amended to be effective June 26, 2000, 25 TexReg 6144 |
