Tex. Insurance Code § 941.151
LIABILITY OF UNDERWRITER
Texas · Texas Insurance Code · Status: effective
Cite this
- Citation
- Tex. Insurance Code § 941.151, LIABILITY OF UNDERWRITER, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680473
- Permanent ID
ys:prov:680473@1- SHA-256
85d9ad48ed9356986bedc81f5321241d3cf5e5db34f2c77a033ed76f3aa2a3b1
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) Subject to Subsection (c), an underwriter by contract with the persons insured may limit the underwriter's liability to the percentage of the loss that equals the ratio of the underwriter's subscription paid in cash or securities allowed by this chapter to the total guaranty fund contributed by all the underwriters.
(b) Subject to Subsection (c), an underwriter's total liability on all risks may be limited to the amount of the underwriter's subscription, as expressed in the underwriter's power of attorney and agreement with the attorney in fact.
(c) At least half of an underwriter's subscription must be paid or contributed to the guaranty fund in cash or admissible securities.
(d) An underwriter is responsible solely for the underwriter's liability as provided by the insurance contract. An underwriter is not liable as a partner.