BILL ANALYSIS S.B. 563 By: Hancock Insurance Committee Report (Unamended) BACKGROUND AND PURPOSE Interested parties contend that a statutory definition of commercial property insurance would clarify the coverages that insurers can include in their commercial property policies and would aid insurers in filing policy forms and rates with the Texas Department of Insurance. S.B. 563 seeks to provide this definition. CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS S.B. 563 amends the Insurance Code to define "commercial property insurance," for purposes of statutory provisions relating to rates and policy forms for property and casualty insurance, as insurance coverage against loss caused by or resulting from loss, damage, or destruction of real or personal property provided through a commercial property insurance policy, including any combination of commercial fire or allied lines, commercial inland marine insurance, commercial crime coverage, boiler and machinery insurance other than explosion, glass insurance provided as part of other coverage, and, as authorized by rule of the commissioner of insurance, insurance covering other perils or providing other coverages or other lines of first party property insurance. EFFECTIVE DATE On passage, or, if the bill does not receive the necessary vote, September 1, 2017.
BILL ANALYSIS
# BILL ANALYSIS
S.B. 563
By: Hancock
Insurance
Committee Report (Unamended)
S.B. 563
By: Hancock
Insurance
Committee Report (Unamended)
BACKGROUND AND PURPOSE Interested parties contend that a statutory definition of commercial property insurance would clarify the coverages that insurers can include in their commercial property policies and would aid insurers in filing policy forms and rates with the Texas Department of Insurance. S.B. 563 seeks to provide this definition.
CRIMINAL JUSTICE IMPACT It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS S.B. 563 amends the Insurance Code to define "commercial property insurance," for purposes of statutory provisions relating to rates and policy forms for property and casualty insurance, as insurance coverage against loss caused by or resulting from loss, damage, or destruction of real or personal property provided through a commercial property insurance policy, including any combination of commercial fire or allied lines, commercial inland marine insurance, commercial crime coverage, boiler and machinery insurance other than explosion, glass insurance provided as part of other coverage, and, as authorized by rule of the commissioner of insurance, insurance covering other perils or providing other coverages or other lines of first party property insurance.
EFFECTIVE DATE On passage, or, if the bill does not receive the necessary vote, September 1, 2017.
BACKGROUND AND PURPOSE
Interested parties contend that a statutory definition of commercial property insurance would clarify the coverages that insurers can include in their commercial property policies and would aid insurers in filing policy forms and rates with the Texas Department of Insurance. S.B. 563 seeks to provide this definition.
CRIMINAL JUSTICE IMPACT
It is the committee's opinion that this bill does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
S.B. 563 amends the Insurance Code to define "commercial property insurance," for purposes of statutory provisions relating to rates and policy forms for property and casualty insurance, as insurance coverage against loss caused by or resulting from loss, damage, or destruction of real or personal property provided through a commercial property insurance policy, including any combination of commercial fire or allied lines, commercial inland marine insurance, commercial crime coverage, boiler and machinery insurance other than explosion, glass insurance provided as part of other coverage, and, as authorized by rule of the commissioner of insurance, insurance covering other perils or providing other coverages or other lines of first party property insurance.
EFFECTIVE DATE
On passage, or, if the bill does not receive the necessary vote, September 1, 2017.