84R857 PMO-D
By: Workman H.B. No. 1132
A BILL TO BE ENTITLED
AN ACT
relating to the regulation of certain policy forms used for
insuring certain large risks.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2301.004, Insurance Code, is amended to
read as follows:
Sec. 2301.004. EXEMPTION FOR LARGE RISKS. Sections
2301.006, 2301.007(a) and (b), and 2301.008 do not apply to forms
for use with an insured that has:
(1) total insured property values of $10 [$5] million
or more;
(2) total annual gross revenues of $20 [$10] million
or more; or
(3) a total premium of $100,000 [$25,000] or more for
property insurance, $100,000 [$25,000] or more for general
liability insurance, or $100,000 [$50,000] or more for multiperil
insurance.
SECTION 2. The change in law made by this Act applies only
to an insurance policy that is delivered, issued for delivery, or
renewed on or after September 1, 2015. A policy delivered, issued
for delivery, or renewed before September 1, 2015, 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, 2015.