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TDI issues reminder to insurance agents and third-party administrators on laws related to unauthorized insurance

The Texas Department of Insurance has issued a bulletin reminding insurance agents and third-party administrators that they are strictly liable for assisting in the practice of unauthorized insurance. Under state law, an agent or TPA who assists a company engaging in the unauthorized business of insurance may risk losing their license and may be subject to substantial civil penalties. An agent may also be strictly liable for the full amount of a claim or loss under an insurance contract they sold if the claim or loss is unpaid by the unauthorized insurer.