By: Lucio S.B. No. 112
(In the Senate - Filed November 12, 2012; January 29, 2013,
read first time and referred to Committee on Business and Commerce;
February 6, 2013, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 8, Nays 0;
February 6, 2013, sent to printer.)
COMMITTEE SUBSTITUTE FOR S.B. No. 112 By: Lucio
A BILL TO BE ENTITLED
AN ACT
relating to a requirement for and the contents of a declarations
page required for certain standard insurance policy forms for
residential property insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 2301, Insurance Code, is
amended by adding Section 2301.056 to read as follows:
Sec. 2301.056. REQUIREMENT FOR FORMS; DECLARATIONS PAGE
REQUIREMENT. (a) A residential property insurance policy form
must include a declarations page that:
(1) lists and explains each type of deductible under
the residential property insurance policy; and
(2) states the exact dollar amount of each deductible
under the residential property insurance policy.
(b) If a residential property insurance policy or an
endorsement attached to the policy contains a provision that may
cause the exact dollar amount of a deductible under the policy to
change, the declarations page must include a written disclosure
that clearly identifies the provision and explains how the new
amount is determined.
SECTION 2. This Act applies only to an insurance policy
delivered, issued for delivery, or renewed on or after January 1,
2014. A policy delivered, issued for delivery, or renewed before
January 1, 2014, is governed by the law as it existed immediately
before the effective date of this Act, and that law is continued in
effect for that purpose.
SECTION 3. This Act takes effect September 1, 2013.
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