32.0533 Insurance policies-Requirements-Cancellation.

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(a) Every policy or contract of insurance issued under authority of this chapter and Chapter 32.06 shall contain:

(1) A provision to carry out the provisions of 32.0535;

(2) A provision that insolvency or bankruptcy of the employer, or discharge therein, or both, does not relieve the carrier from payment of compensation for disability or death sustained by an employee during the life of such policy or contract.

(b) No contract or policy of insurance issued by a carrier under this chapter and Chapter 32.06 may be canceled prior to the date specified in such contract or policy for its expiration until at least 30 days have elapsed after a notice of cancellation has been sent to the Commissioner and to the employer in accordance with the provisions of subsection (c) of 32.0521.

History: 1967, PL 10-15.