NU Online News Service, Sept. 4, 10:23 a.m. – A law based on S.B. 414, a bill that makes it easier for out-of-state insurance agents and insurance brokers to do business in Texas, took effect Sept. 1.
One important provision of S.B. 414 allows non-resident corporate agencies and partnership-owned agencies to obtain licenses and solicit business directly within the state of Texas, according to the Texas Department of Insurance.
The bill also eliminates a requirement that all officers, directors and shareholders of a corporate agency — and all partners in a partnership-owned agency — live in Texas and hold agent licenses, the Texas department says.
A third change cuts down on the number of different agent license types.