(a) An insurer may not accept business from a managing general agent and the agent may not place business with the insurer without a written contract that addresses:
(1) the responsibilities of each party;
(2) cancellation or termination;
(3) reports, records, and auditing; and
(4) if applicable:
(A) premium volume limits;
(B) appointment or cancellation of agents;
(C) claims settlement;
(D) underwriting; and
(E) reinsurance.
(b) The commissioner may adopt rules establishing requirements for a contract with a managing general agent.
(c) A contract with a managing general agent and a report or record submitted under that contract are subject to review by the department under Section 38.001.