Texas 2021 - 87th Regular

Texas House Bill HB769 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	H.B. No. 769
	1	+	By: Middleton, et al. (Senate Sponsor - Taylor) H.B. No. 769
	2	+	(In the Senate - Received from the House May 3, 2021;
	3	+	May 13, 2021, read first time and referred to Committee on Natural
	4	+	Resources & Economic Development; May 19, 2021, rereferred to
	5	+	Committee on Jurisprudence; May 22, 2021, reported adversely, with
	6	+	favorable Committee Substitute by the following vote: Yeas 5,
	7	+	Nays 0; May 22, 2021, sent to printer.)
	8	+	Click here to see the committee vote
	9	+	COMMITTEE SUBSTITUTE FOR H.B. No. 769 By: Hinojosa
2	10
3	11
	12	+	A BILL TO BE ENTITLED
4	13		AN ACT
5	14		relating to the administration of the Texas Windstorm Insurance
6	15		Association.
7	16		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	17		SECTION 1. Subchapter H, Chapter 2210, Insurance Code, is
9	18		amended by adding Section 2210.3512 to read as follows:
10	19		Sec. 2210.3512. REQUIREMENT FOR VOTE ON RATE FILING. The
11		-	board of directors may not vote on a proposed rate increase if:
12		-	(1) there is a vacancy on the board; and
13		-	(2) the vacancy has existed for at least 60 days at the
14		-	time the vote is to be taken.
	20	+	board of directors may not vote on a proposed rate filing if there
	21	+	is a vacancy on the board.
15	22		SECTION 2. The heading to Section 2210.453, Insurance Code,
16	23		is amended to read as follows:
17	24		Sec. 2210.453. FUNDING LEVELS; REINSURANCE AND ALTERNATIVE
18	25		RISK FINANCING MECHANISMS; REINSURANCE FROM CERTAIN INSURER OR
19	26		BROKER PROHIBITED.
20	27		SECTION 3. Section 2210.453, Insurance Code, is amended by
21	28		adding Subsection (f) to read as follows:
22	29		(f) The association may not purchase reinsurance under this
23	30		section from an insurer or broker involved in the execution of a
24	31		catastrophe model on which the association relies in:
25	32		(1) determining the probable maximum loss applicable
26	33		for the period covered by the reinsurance; or
27	34		(2) adopting rates under Section 2210.355.
28	35		SECTION 4. The Texas Department of Insurance shall amend
29	36		the Texas Windstorm Insurance Association's plan of operation to
30	37		conform to the changes in law made by this Act not later than the
31	38		60th day after the effective date of this Act.
32	39		SECTION 5. This Act takes effect September 1, 2021.
33		-	______________________________ ______________________________
34		-	President of the Senate Speaker of the House
35		-	I certify that H.B. No. 769 was passed by the House on April
36		-	30, 2021, by the following vote: Yeas 120, Nays 9, 1 present, not
37		-	voting; and that the House concurred in Senate amendments to H.B.
38		-	No. 769 on May 29, 2021, by the following vote: Yeas 127, Nays 14,
39		-	1 present, not voting.
40		-	______________________________
41		-	Chief Clerk of the House
42		-	I certify that H.B. No. 769 was passed by the Senate, with
43		-	amendments, on May 25, 2021, by the following vote: Yeas 22, Nays
44		-	9.
45		-	______________________________
46		-	Secretary of the Senate
47		-	APPROVED: __________________
48		-	Date
49		-	__________________
50		-	Governor
	40	+	* * * * *