| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Murphy H.B. No. 3075 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to notice of punitive and exemplary damages coverage in | |
| 7 | 7 | certain insurance policies or contracts; adding a provision that | |
| 8 | 8 | may be subject to a criminal penalty. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter A, Chapter 2301, Insurance Code, is | |
| 11 | 11 | amended by adding Section 2301.011 to read as follows: | |
| 12 | 12 | Sec. 2301.011. NOTICE OF PUNITIVE AND EXEMPLARY DAMAGES | |
| 13 | 13 | COVERAGE FOR CERTAIN PERSONAL LINES. An issuer of a policy or | |
| 14 | 14 | contract for personal automobile insurance, personal umbrella | |
| 15 | 15 | insurance, or residential property insurance must disclose on the | |
| 16 | 16 | policy's declarations page the coverage provided by the policy for | |
| 17 | 17 | an award of punitive or exemplary damages against the insured. | |
| 18 | 18 | SECTION 2. The change in law made by this Act applies only | |
| 19 | 19 | to an insurance policy or contract delivered, issued for delivery, | |
| 20 | 20 | or renewed on or after January 1, 2016. A policy or contract | |
| 21 | 21 | delivered, issued for delivery, or renewed before that date is | |
| 22 | 22 | governed by the law as it existed immediately before the effective | |
| 23 | 23 | date of this Act, and that law is continued in effect for that | |
| 24 | 24 | purpose. | |
| 25 | 25 | SECTION 3. This Act takes effect September 1, 2015. |