Renewal Premium Grace Period

(a) Grace period. The premium payment for policy renewal is considered timely if the Association receives it within 10 calendar days after the due date.

(b) Applicability of the grace period to certain premium surcharges. The grace period described in subsection (a) of this section applies to a premium surcharge payment by an Association policyholder under Insurance Code §2210.259, concerning Surcharge for Certain Noncompliant Structures, or §2210.6132, concerning Contingent Source of Payment for Class 2 and Class 3 Public Securities.

Source Note: The provisions of this §5.4906 adopted to be effective March 31, 2022, 47 TexReg 1622.