By: Taylor S.B. No. 1448
(In the Senate - Filed March 10, 2021; March 24, 2021, read
first time and referred to Committee on Business & Commerce;
April 9, 2021, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 9, Nays 0; April 9, 2021,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1448 By: Hancock
A BILL TO BE ENTITLED
AN ACT
relating to the powers and duties of the windstorm insurance
legislative oversight board and to certain studies by the board
relating to the Texas Windstorm Insurance Association and the Fair
Access to Insurance Requirements Plan.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter N, Chapter 2210, Insurance Code, is
amended by adding Section 2210.655 to read as follows:
Sec. 2210.655. TEMPORARY POWERS AND DUTIES OF BOARD; STUDY
OF FUNDING AND FUNDING STRUCTURE. (a) The board shall:
(1) gather information regarding:
(A) how the association's current funding and
funding structure operate;
(B) how the catastrophic risk pools of other
states operate; and
(C) other information that the board considers
necessary to prepare the information required by Subsection (c);
and
(2) hold public meetings to hear testimony from
experts, stakeholders, and other interested parties regarding
recommendations and proposals for establishing and implementing
sustainable funding and a sustainable funding structure for the
association.
(b) The board may request reports and other information as
necessary to implement this section from:
(1) the department;
(2) the association; and
(3) experts, stakeholders, and other interested
parties described by Subsection (a)(2).
(c) The board shall include in the report described by
Section 2210.654 the board's findings regarding the current funding
and funding structure of the association, problems with the funding
and funding structure, and recommendations for legislative action
related to the funding, funding structure, and sustainability of
the association. The report must include:
(1) an analysis of the current funding, funding
structure, and sustainability of the association, including the
association's reliance on debt and reinsurance; and
(2) recommendations for legislative action necessary
to:
(A) address problems with the current funding and
funding structure of the association; and
(B) foster the stability and sustainability of
the association.
(d) This section expires September 1, 2023.
SECTION 2. Sections 14(c) and (d), Chapter 790 (H.B. 1900),
Acts of the 86th Legislature, Regular Session, 2019, are amended to
read as follows:
(c) Not later than January 1, 2023 [2021], the windstorm
insurance legislative oversight board shall submit to the governor,
the lieutenant governor, the speaker of the house of
representatives, and the Texas Department of Insurance a written
report of a [the] study conducted under this section. The report
must include the findings and legislative recommendations of the
board.
(d) This section expires January 1, 2024 [2022].
SECTION 3. This Act takes effect September 1, 2021.
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