81R12541 PB-F
By: Hancock H.B. No. 4443
A BILL TO BE ENTITLED
AN ACT
relating to notice to an insurer of an adverse claim to policy
proceeds by a person with a bona fide legal claim.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 542.058(b), Insurance Code, is amended
to read as follows:
(b) This section does not apply:
(1) in a case in which it is found as a result of
arbitration or litigation that a claim received by an insurer is
invalid and should not be paid by the insurer; or
(2) if the insurer is on notice of an adverse claim to
the policy proceeds from a person who has a bona fide legal claim to
all or part of the proceeds.
SECTION 2. The change in law made by this Act applies only
to a claim filed with an insurer on or after the effective date of
this Act. A claim filed with an insurer before that date is
governed by the law in effect on the date that the claim was filed,
and the former law is continued in effect for that purpose.
SECTION 3. 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.