88R17240 SCL-F
By: Paul H.B. No. 3333
Substitute the following for H.B. No. 3333:
By: Oliverson C.S.H.B. No. 3333
A BILL TO BE ENTITLED
AN ACT
relating to eligibility for coverage by the Fair Access to
Insurance Requirements Plan in certain areas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2211.151, Insurance Code, is amended to
read as follows:
Sec. 2211.151. MANDATORY COVERAGE PROVIDED TO CERTAIN
INSUREDS. (a) The association shall make residential property
insurance available to each applicant in an underserved area whose
property is insurable in accordance with reasonable underwriting
standards but who, after diligent efforts, is unable to obtain
residential property insurance through the voluntary market, as
evidenced by two declinations from insurers authorized to engage in
the business of, and writing, residential property insurance in
this state.
(b) For an applicant owning residential property located
not more than four miles beyond the Texas Windstorm Insurance
Association catastrophe area designated under Section 2210.005, an
offer of coverage for the property through the voluntary market at a
cost that exceeds 110 percent of the cost for an association policy
providing equivalent coverage of residential property with similar
rating characteristics, including size, elevation, age, and
construction standards, is considered a declination for purposes of
establishing eligibility for coverage under Subsection (a).
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2023.