By: Taylor of Galveston S.B. No. 1466
(Faircloth)
A BILL TO BE ENTITLED
AN ACT
relating to maximum liability limits for windstorm and hail
insurance coverage provided through the Texas Windstorm Insurance
Association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2210.501(a), Insurance Code, is amended
to read as follows:
(a) The board of directors shall propose the maximum
liability limits under a windstorm and hail insurance policy issued
by the association under this chapter. The maximum liability
limits are considered [must be] approved by the commissioner unless
the commissioner disapproves or modifies the liability limits by
order issued not later than the 30th day after the date of receipt
of a filing under Section 2210.503.
SECTION 2. Section 2210.504(a), Insurance Code, is amended
to read as follows:
(a) Not later than the 30th [60th] day after the date the
commissioner disapproves or modifies [of receipt of] a filing under
Section 2210.503, and after notice and hearing, the commissioner by
order shall approve, disapprove, or modify the proposed adjustment
to the maximum liability limits.
SECTION 3. The changes in law made by this Act apply only to
a proposed maximum liability limit for an insurance policy
delivered, issued for delivery, or renewed on or after January 1,
2018. A proposed maximum liability limit for an insurance policy
delivered, issued for delivery, or renewed before January 1, 2018,
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 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.