By: Hunter H.B. No. 3640
A BILL TO BE ENTITLED
AN ACT
relating to the operation and alternative funding sources for the
Texas Windstorm Insurance Association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter J, Chapter 2210, Insurance Code, is
amended by adding Section 2210.4531 to read as follows:
SECTION 2210.4531. ALTERNATIVE FUNDING SOURCES.
(a) The association may accept funds from alternative
funding sources for deposit in the trust fund and use in accordance
with this subchapter. Such funding sources are additional to any
other sources set forth in this chapter and may include but are not
limited to:
(1) Funds available for disaster recovery under the
American Recovery and Reinvestment Act of 2009 (Pub. L. No. 111-5),
(2) Funds available for disaster recovery from the
state economic stabilization fund, through a one-time grant, a
loan, a line of credit, or other lawful arrangement,
(3) Funds generated through issuance of public
securities,
(4) legislative appropriation, or
(5) other permissible sources.
(b) Such funds shall be in addition to or used in concert
with the reinsurance program or with other methods of association
funding.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.