SUBCHAPTER D. OPERATION, POWERS, AND DUTIES OF LLOYD'S PLAN

Sec. 941.151.  LIABILITY OF UNDERWRITER.  (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.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.