86R14229 PMO-D
By: King of Hemphill H.B. No. 3073
A BILL TO BE ENTITLED
AN ACT
relating to a joint interim study regarding the spreading of risk
and costs related to certain natural disasters across the state by
property and casualty insurance companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. JOINT INTERIM COMMITTEE. (a) A joint interim
committee is created to study the spreading of risk and costs
related to certain natural disasters across the state by property
and casualty insurance companies.
(b) The committee shall be composed of:
(1) two senators appointed by the lieutenant governor;
(2) two representatives appointed by the speaker of
the house of representatives; and
(3) one member appointed by the governor who shall
serve as the committee's presiding officer.
(c) The committee shall convene at the call of the presiding
officer.
(d) The committee has all other powers and duties provided
to a special or select committee by the rules of the senate and
house of representatives, by Subchapter B, Chapter 301, Government
Code, and by policies of the senate and house committees on
administration.
(e) The members of the committee are entitled to
reimbursement from the contingent expense fund of the senate and
the contingent expense fund of the house of representatives equally
for expenses incurred in carrying out the provisions of this
section in accordance with the rules of the senate and house of
representatives and the policies of the senate and house committees
on administration.
(f) Not later than the 60th day after the effective date of
this Act, the lieutenant governor, the speaker of the house of
representatives, and the governor shall appoint the members of the
interim committee created under this section.
SECTION 2. STUDY. The committee created under Section 1 of
this Act shall, with respect to property and casualty insurance
companies engaged in the business of insurance in this state,
study:
(1) the amount of insured risk across this state;
(2) the losses incurred as a result of localized
natural disasters in this state; and
(3) the impact the losses described by Subdivision (2)
have on the availability and cost of property and casualty
insurance in areas of this state not directly affected by natural
disasters.
SECTION 3. FINDINGS AND RECOMMENDATIONS. Not later than
January 15, 2021, the committee created under Section 1 of this Act
shall report the committee's findings and recommendations to the
lieutenant governor, the speaker of the house of representatives,
and the governor. The committee shall include in its
recommendations specific statutory changes, including changes to
Chapter 2251, Insurance Code, that may appear necessary or
advisable from the committee's study under Section 2 of this Act.
SECTION 4. EXPIRATION. This Act expires September 1, 2021.
SECTION 5. EFFECTIVE DATE. This Act takes effect September
1, 2019.