(a) Except as provided by Subsection (b), a peer-to-peer car sharing program shall assume liability of an owner for bodily injury or property damage to third parties or uninsured or underinsured motorist or personal injury protection losses by damaged third parties during the car sharing period in an amount stated in the agreement, which may not be less than, as applicable, the amounts:
(1) provided by Subchapter D, Chapter 601, Transportation Code;
(2) required for uninsured or underinsured motorist coverage under § 1952.101, Insurance Code; or
(3) provided as the maximum amount of required personal injury protection coverage under § 1952.153, Insurance Code.
(b) A peer-to-peer car sharing program is not required to assume liability of an owner if the owner:
(1) makes an intentional or fraudulent material misrepresentation or omission to the program before the car sharing period in which the loss occurred; or
(2) acts in concert with a driver who fails to return the shared vehicle in accordance with the agreement.

(c) Notwithstanding the definition of “termination time” under § 113.0001 or this subchapter, the assumption of liability under Subsection (a) applies to bodily injury, property damage, uninsured and underinsured motorist, or personal injury protection losses by damaged third parties as required by Subchapter D, Chapter 601, Transportation Code, § 1952.101, Insurance Code, and § 1952.153, Insurance Code.