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Review Requirements Checklist Commercial Multi-Peril

Updated 10/3/2016 - Return to Index

Indicates new addition since last update.Indicates new addition since last update

Commercial Multi-Peril Checklist
REVIEW REQUIREMENTS REFERENCE COMMENTS
FORMS
Filing Standards - Policy forms and endorsements may not be unjust, unfair, inequitable, misleading or deceptive.
Prior Approval of Policy Forms and Endorsements Chapter 2301, Subchapter A, Texas Insurance Code An insurance policy form or endorsement may not be delivered or issued for delivery in this state unless the form has been filed with and approved by the commissioner. Each filing shall be made not later than the 60th day before the date of any use or delivery for use.
Large Risk Exemption §2301.004, Texas Insurance Code Policy forms for use with large risks are exempt from filing for prior approval if the forms are to be used with a "large risk". "Large Risk" is defined as an insured that has total insured property values of $5 million or more; an insured that has total annual gross revenues of $10 million or more; or an insured that has a total premium of $25,000 or more for property insurance, $25,000 or more for general liability insurance, or $50,000 or more for multiperil insurance.
Disapproval of Forms; Withdrawal of Approval §2301.007, Texas Insurance Code The commissioner may disapprove a form filed under §2301.006 or withdraw approval of a form if the form (1) violates any law, including a rule adopted under the Texas Insurance Code, or (2) contains a provision or has a title or heading that is unjust or deceptive, encourages misrepresentation, or violates public policy.
Review Requirements
Requirements follow those requirements found in the corresponding mono line checklists. Please refer to these checklists for details.
Vendors' Single Interest and Lenders Collateral Protection Chapter 2301, Subchapter A, Texas Insurance Code If the Vendors' Single Interest includes automobiles and watercraft (a nonregulated Inland Marine class), this must be filed as Commercial Multi-Peril. The same would apply if, as an example, Vendors' Single Interest is combined with Lenders Collateral Protection.
Cancellation & Nonrenewal
Cancellation & Nonrenewal of Certain Liability Insurance Coverage §§551.051-551.055 and §551.004, Texas Insurance Code Cancellation and nonrenewal of certain liability insurance policies.
Voiding Coverage Chapter 705, Subchapter A, Texas Insurance Code "Void Coverage" language must comply with Chapter 705, Subchapter A, and the misrepresentation must be material
Indicates new addition since last update.Toll Free Information
Indicates new addition since last update.Notice of Policyholder Complaint Procedures §521.005, Texas Insurance Code A brief written notice of suggested procedure to be followed by the policyholder in the event of a dispute concerning a policyholder's claim or premium.
Indicates new addition since last update.Toll-Free Information & Complaint Number §§521.051 - 521.056, Texas Insurance Code Toll-Free number for the Texas Department of Insurance.
Indicates new addition since last update.Insurer's Toll-Free Information & Complaint Number §§521.101 - 521.103, Texas Insurance Code Insurer's requirement to maintain toll-free number to provide information concerning policies issued by the insurer and to accept complaints from policyholder. Article contains an exception for insurers whose gross initial premium receipts collected in this state are less than $2 million a year or to an insurer with regard to fidelity, surety, or guaranty bonds.
Indicates new addition since last update.Notice of Toll-Free Telephone Numbers and Information & Complaint Procedures 28 TAC §1.601 & §1.602, Texas Administrative Code and Commissioner's Order 3952 To satisfy requirements for §521.005, §§521.051 - 521.056, and §§521.101 - 521.103 noted above.
RATES
Filing Standards
File & Use With Exception and Multi-Peril Policies Defined, Filing Requirements Chapter 2251, Texas Insurance Code and
28 TAC §5.5005, Texas Administrative Code
Each insurer shall file with the Commissioner all rates, supplementary rating information, and reasonable and pertinent supporting information for risks written in this state. Exception: Lloyds or reciprocals may qualify to make reduced, informational filings under provisions in §5.5005.
RULES
Filing Standards
File & Use Chapter 2301 & Chapter 2251, Texas Insurance Code Manual rules should reflect specific requirements for usage of policy forms, endorsements, and disclosures.
Required Documentation
Refer to Property & Casualty Filings Made Easy Go to Property & Casualty Filings Made Easy now


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Last updated: 10/14/2016

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