| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R12541 PB-F | |
| 2 | 2 | By: Hancock H.B. No. 4443 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to notice to an insurer of an adverse claim to policy | |
| 8 | 8 | proceeds by a person with a bona fide legal claim. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 542.058(b), Insurance Code, is amended | |
| 11 | 11 | to read as follows: | |
| 12 | 12 | (b) This section does not apply: | |
| 13 | 13 | (1) in a case in which it is found as a result of | |
| 14 | 14 | arbitration or litigation that a claim received by an insurer is | |
| 15 | 15 | invalid and should not be paid by the insurer; or | |
| 16 | 16 | (2) if the insurer is on notice of an adverse claim to | |
| 17 | 17 | the policy proceeds from a person who has a bona fide legal claim to | |
| 18 | 18 | all or part of the proceeds. | |
| 19 | 19 | SECTION 2. The change in law made by this Act applies only | |
| 20 | 20 | to a claim filed with an insurer on or after the effective date of | |
| 21 | 21 | this Act. A claim filed with an insurer before that date is | |
| 22 | 22 | governed by the law in effect on the date that the claim was filed, | |
| 23 | 23 | and the former law is continued in effect for that purpose. | |
| 24 | 24 | SECTION 3. This Act takes effect immediately if it receives | |
| 25 | 25 | a vote of two-thirds of all the members elected to each house, as | |
| 26 | 26 | provided by Section 39, Article III, Texas Constitution. If this | |
| 27 | 27 | Act does not receive the vote necessary for immediate effect, this | |
| 28 | 28 | Act takes effect September 1, 2009. |