84R2388 PMO-F
By: Estes S.B. No. 646
A BILL TO BE ENTITLED
AN ACT
relating to actuarial certification of title insurance company
reserves.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2551.256(c), Insurance Code, is amended
to read as follows:
(c) The reserves analyzed under this section must include
reserves for known claims[, including adverse development on known
claims,] and reserves for incurred but not reported claims.
SECTION 2. The change in law made by this Act applies only
to an insurer's annual statement required under Section 2551.152,
Insurance Code, on or after January 1, 2016. A statement required
before January 1, 2016, 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.