Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 2121
Broker authorized to receive premium, when
Insurance (ISC) CHAPTER 28, ARTICLE 21
§ 2121. Broker authorized to receive premium, when. (a) Any insurer
which delivers in this state to any insurance broker or any insured
represented by such broker a contract of insurance pursuant to the
application or request of such broker, acting for an insured other than
himself, shall be deemed to have authorized such broker to receive on
its behalf payment of any premium which is due on such contract at the
time of its issuance or delivery or payment of any installment of such
premium or any additional premium which becomes due or payable
thereafter on such contract, provided such payment is received by such
broker within ninety days after the due date of such premium or
installment thereof or after the date of delivery of a statement by the
insurer of such additional premium.

(b) An agent who represents an insured for the purpose of obtaining
insurance pursuant to any plan authorized by articles fifty-three,
fifty-four and fifty-five of this chapter shall be deemed to be a broker
for the purposes of this section.