Sec. 558.002. APPLICABILITY OF CHAPTER; REFUND OF UNEARNED PREMIUM

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(a) This chapter applies to an insurer that issues an insurance policy that requires the insurer to maintain an unearned premium reserve for the portion of the written policy premium applicable to the unexpired or unused part of the policy period for which the premium has been paid.
(b) An insurer shall promptly refund the appropriate portion of any unearned premium to the policyholder if the policy:
(1) has a remaining unearned premium reserve; and
(2) is canceled or terminated by the insured or the insurer before the end of its term.
(c) A guaranty association shall promptly refund any unearned premium as described by Subchapter E, Chapter 462, or Sections 463.003(9) and 463.259.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005. Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 , Sec. 2D.016, eff. April 1, 2009.

                    
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