85R7473 SMT-D
By: Creighton S.B. No. 1283
A BILL TO BE ENTITLED
AN ACT
relating to reciprocity requirements for nonresident insurance
agents to offer or sell insurance policies issued by the Texas
Windstorm Insurance Association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2210.152(a), Insurance Code, is amended
to read as follows:
(a) The plan of operation must:
(1) provide for the efficient, economical, fair, and
nondiscriminatory administration of the association; and
(2) include:
(A) a plan for the equitable assessment of the
members of the association to defray losses and expenses;
(B) underwriting standards;
(C) procedures for accepting and ceding
reinsurance;
(D) procedures for obtaining and repaying
amounts under any financial instruments authorized under this
chapter;
(E) procedures for determining the amount of
insurance to be provided to specific risks;
(F) time limits and procedures for processing
applications for insurance;
(G) a requirement that a nonresident agent
licensed under Section 4056.052 may not offer or sell a Texas
windstorm and hail insurance policy under this chapter unless the
nonresident agent's state of residence authorizes a resident agent
licensed in this state to act in the nonresident agent's state as an
agent for that state's residual insurer of last resort for
windstorm and hail insurance; and
(H) [(G)] other provisions as considered
necessary by the department to implement the purposes of this
chapter.
SECTION 2. This Act takes effect January 1, 2018.