| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R2388 PMO-F | |
| 2 | 2 | By: Estes S.B. No. 646 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to actuarial certification of title insurance company | |
| 8 | 8 | reserves. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 2551.256(c), Insurance Code, is amended | |
| 11 | 11 | to read as follows: | |
| 12 | 12 | (c) The reserves analyzed under this section must include | |
| 13 | 13 | reserves for known claims[, including adverse development on known | |
| 14 | 14 | claims,] and reserves for incurred but not reported claims. | |
| 15 | 15 | SECTION 2. The change in law made by this Act applies only | |
| 16 | 16 | to an insurer's annual statement required under Section 2551.152, | |
| 17 | 17 | Insurance Code, on or after January 1, 2016. A statement required | |
| 18 | 18 | before January 1, 2016, is governed by the law as it existed | |
| 19 | 19 | immediately before the effective date of this Act, and that law is | |
| 20 | 20 | continued in effect for that purpose. | |
| 21 | 21 | SECTION 3. This Act takes effect September 1, 2015. |