| 12 | | - | SECTION 1. Section 2251.252, Insurance Code, is amended by |
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| 13 | | - | amending Subsection (a) and adding Subsection (d) to read as |
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| 14 | | - | follows: |
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| 15 | | - | (a) Except as provided by Subsections (b), [and] (c), and |
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| 16 | | - | (d), an insurer is exempt from the rate filing and approval |
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| 17 | | - | requirements of this chapter if the insurer, during the calendar |
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| 18 | | - | year preceding the date filing is otherwise required under this |
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| 19 | | - | chapter, issued residential property insurance policies in this |
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| 20 | | - | state that accounted for less than two percent of the total amount |
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| 21 | | - | of premiums collected by insurers for residential property |
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| 22 | | - | insurance policies issued in this state, more than 50 percent of |
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| 23 | | - | which cover property: |
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| 24 | | - | (1) valued at less than $100,000; and |
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| 25 | | - | (2) located in an area designated by the commissioner |
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| 26 | | - | as underserved for residential property insurance under Chapter |
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| 27 | | - | 2004. |
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| 28 | | - | (d) An insurer described by Subsection (a) that increases |
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| 29 | | - | the premium rates charged policyholders for a residential property |
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| 30 | | - | insurance product by an annual average amount of eight percent or |
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| 31 | | - | greater for three consecutive calendar years must file the |
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| 32 | | - | insurer's proposed rates in accordance with this chapter in the |
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| 33 | | - | calendar year following the three consecutive years and, if |
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| 34 | | - | applicable, obtain approval of the proposed rates as provided by |
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| 35 | | - | this chapter. In calculating the three consecutive calendar years' |
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| 36 | | - | average premium increases, an insurer is not required to consider a |
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| 37 | | - | year in which there is a weather-related catastrophe or other major |
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| 38 | | - | natural disaster that requires the commissioner to extend the |
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| 39 | | - | claim-handling deadlines under Section 542.059(b). |
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| 40 | | - | SECTION 2. Section 2251.1025, Insurance Code, is repealed. |
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| 41 | | - | SECTION 3. The change in law made by this Act applies only |
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| 10 | + | SECTION 1. The following provisions of the Insurance Code |
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| 11 | + | are repealed: |
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| 12 | + | (1) Section 2251.1025; and |
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| 13 | + | (2) Subchapter F, Chapter 2251. |
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| 14 | + | SECTION 2. The change in law made by this Act applies only |
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| 42 | 15 | | to a rate for an insurance policy that is delivered, issued for |
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| 43 | 16 | | delivery, or renewed on or after January 1, 2022. A rate for an |
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| 44 | 17 | | insurance policy delivered, issued for delivery, or renewed before |
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| 45 | 18 | | January 1, 2022, is governed by the law as it existed immediately |
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| 46 | 19 | | before the effective date of this Act, and that law is continued in |
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| 47 | 20 | | effect for that purpose. |
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