| 1 | 1 | | 84R857 PMO-D |
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| 2 | 2 | | By: Workman H.B. No. 1132 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the regulation of certain policy forms used for |
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| 8 | 8 | | insuring certain large risks. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 2301.004, Insurance Code, is amended to |
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| 11 | 11 | | read as follows: |
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| 12 | 12 | | Sec. 2301.004. EXEMPTION FOR LARGE RISKS. Sections |
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| 13 | 13 | | 2301.006, 2301.007(a) and (b), and 2301.008 do not apply to forms |
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| 14 | 14 | | for use with an insured that has: |
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| 15 | 15 | | (1) total insured property values of $10 [$5] million |
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| 16 | 16 | | or more; |
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| 17 | 17 | | (2) total annual gross revenues of $20 [$10] million |
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| 18 | 18 | | or more; or |
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| 19 | 19 | | (3) a total premium of $100,000 [$25,000] or more for |
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| 20 | 20 | | property insurance, $100,000 [$25,000] or more for general |
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| 21 | 21 | | liability insurance, or $100,000 [$50,000] or more for multiperil |
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| 22 | 22 | | insurance. |
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| 23 | 23 | | SECTION 2. The change in law made by this Act applies only |
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| 24 | 24 | | to an insurance policy that is delivered, issued for delivery, or |
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| 25 | 25 | | renewed on or after September 1, 2015. A policy delivered, issued |
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| 26 | 26 | | for delivery, or renewed before September 1, 2015, is governed by |
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| 27 | 27 | | the law as it existed immediately before the effective date of this |
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| 28 | 28 | | Act, and that law is continued in effect for that purpose. |
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| 29 | 29 | | SECTION 3. This Act takes effect September 1, 2015. |
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