88R22956 KBB-F
By: Lozano H.B. No. 4354
Substitute the following for H.B. No. 4354:
By: Oliverson C.S.H.B. No. 4354
A BILL TO BE ENTITLED
AN ACT
relating to a mitigation and preparedness program administered by
the Texas Windstorm Insurance Association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2210.454, Insurance Code, is amended to
read as follows:
Sec. 2210.454. MITIGATION AND PREPAREDNESS PROGRAM
[PLAN]. (a) Subject to a plan approved by the [The] commissioner,
the association may administer [shall annually develop and
implement] a mitigation and preparedness program [plan].
(b) Each [state fiscal] year, the association [department]
may fund the mitigation and preparedness program [plan] using money
from the catastrophe reserve trust fund not to exceed $500,000
annually [available funds].
(c) The association must design the mitigation and
preparedness program [plan must provide for actions to be taken in
the seacoast territory by the commissioner, or by a local
government, state agency, educational institution, or nonprofit
organization designated by the commissioner in the plan, to
implement programs] to:
(1) improve preparedness for windstorm and hail
catastrophes; and
(2) reduce potential losses in the event of such a
catastrophe[; and
[(3) provide research into the means to:
[(A) reduce those losses;
[(B) educate or inform the public in determining
the appropriateness of particular upgrades to structures; or
[(C) protect infrastructure from potential
damage from those catastrophes].
(d) Money [in excess of $1 million] may not be used under
this section if the commissioner determines that an expenditure [of
investment income] from the trust fund would jeopardize the
actuarial soundness of the association [fund] or materially impair
the ability of the association [fund] to serve the state purposes
for which the association [fund] was established.
SECTION 2. This Act takes effect September 1, 2023.