| 1 | 1 | | By: Hunter H.B. No. 3640 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the operation and alternative funding sources for the |
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| 7 | 7 | | Texas Windstorm Insurance Association. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Subchapter J, Chapter 2210, Insurance Code, is |
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| 10 | 10 | | amended by adding Section 2210.4531 to read as follows: |
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| 11 | 11 | | SECTION 2210.4531. ALTERNATIVE FUNDING SOURCES. |
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| 12 | 12 | | (a) The association may accept funds from alternative |
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| 13 | 13 | | funding sources for deposit in the trust fund and use in accordance |
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| 14 | 14 | | with this subchapter. Such funding sources are additional to any |
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| 15 | 15 | | other sources set forth in this chapter and may include but are not |
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| 16 | 16 | | limited to: |
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| 17 | 17 | | (1) Funds available for disaster recovery under the |
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| 18 | 18 | | American Recovery and Reinvestment Act of 2009 (Pub. L. No. 111-5), |
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| 19 | 19 | | (2) Funds available for disaster recovery from the |
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| 20 | 20 | | state economic stabilization fund, through a one-time grant, a |
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| 21 | 21 | | loan, a line of credit, or other lawful arrangement, |
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| 22 | 22 | | (3) Funds generated through issuance of public |
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| 23 | 23 | | securities, |
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| 24 | 24 | | (4) legislative appropriation, or |
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| 25 | 25 | | (5) other permissible sources. |
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| 26 | 26 | | (b) Such funds shall be in addition to or used in concert |
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| 27 | 27 | | with the reinsurance program or with other methods of association |
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| 28 | 28 | | funding. |
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| 29 | 29 | | SECTION 2. This Act takes effect immediately if it receives |
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| 30 | 30 | | a vote of two-thirds of all the members elected to each house, as |
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| 31 | 31 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 32 | 32 | | Act does not receive the vote necessary for immediate effect, this |
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| 33 | 33 | | Act takes effect September 1, 2009. |
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