CHAPTER 3501. CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE - Texas Statutes

INSURANCE CODE

TITLE 12. OTHER COVERAGE

CHAPTER 3501. CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE

Sec. 3501.001. DEFINITION. In this chapter, "credit involuntary

unemployment insurance" means insurance that indemnifies a debtor

for installment or other periodic payments on an indebtedness

while the debtor is involuntarily unemployed. The term includes

policy forms and endorsements that define involuntary

unemployment to provide coverage and a premium charge for

interruption or reduction of a debtor's income during periods of

leave, whether paid or unpaid, authorized by the federal Family

and Medical Leave Act of 1993 (29 U.S.C. Section 2601 et seq.),

as amended, or other state or federal law.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 3, eff. April 1, 2007.

Sec. 3501.002. AUTHORIZATION. (a) Any insurer authorized to

write any form of casualty insurance in this state may also write

group or individual credit involuntary unemployment insurance.

(b) Credit involuntary unemployment insurance may be written

alone or in conjunction with credit life insurance, credit

accident and health insurance, or both, in a policy issued by an

authorized insurer.

(c) Credit involuntary unemployment insurance may not be written

in contravention of Chapter 15, Business & Commerce Code.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 3, eff. April 1, 2007.

Sec. 3501.003. RATES AND FORMS. Rates and forms for credit

involuntary unemployment insurance must be set and filed in

accordance with Chapters 2251 and 2301 and Article 5.13-2.

Added by Acts 2005, 79th Leg., Ch.

727, Sec. 3, eff. April 1, 2007.