Texas 2023 - 88th Regular

Texas House Bill HB4354 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	By: Lozano H.B. No. 4354
2	2
3	3
4	4	A BILL TO BE ENTITLED
5	5	AN ACT
6	6	relating to a mitigation and preparedness program and a fortified
7	7	homes program administered by the Texas Windstorm Insurance
8	8	Association.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 2210.454, Insurance Code, is amended to
11	11	read as follows:
12	12	Sec. 2210.454. MITIGATION AND PREPAREDNESS PROGRAM
13	13	[PLAN]. (a) Subject to a plan approved by the [The] commissioner,
14	14	the association may administer [shall annually develop and
15	15	implement] a mitigation and preparedness program [plan].
16	16	(b) Each [state fiscal] year, the association [department]
17	17	may fund the mitigation and preparedness program [plan] using money
18	18	from the catastrophe reserve trust fund not to exceed $500,000
19	19	annually [available funds].
20	20	(c) The association must design the mitigation and
21	21	preparedness program [plan must provide for actions to be taken in
22	22	the seacoast territory by the commissioner, or by a local
23	23	government, state agency, educational institution, or nonprofit
24	24	organization designated by the commissioner in the plan, to
25	25	implement programs] to:
26	26	(1) improve preparedness for windstorm and hail
27	27	catastrophes; and
28	28	(2) reduce potential losses in the event of such a
29	29	catastrophe[; and
30	30	[(3) provide research into the means to:
31	31	[(A) reduce those losses;
32	32	[(B) educate or inform the public in determining
33	33	the appropriateness of particular upgrades to structures; or
34	34	[(C) protect infrastructure from potential
35	35	damage from those catastrophes].
36	36	(d) Money [in excess of $1 million] may not be used under
37	37	this section if the commissioner determines that an expenditure [of
38	38	investment income] from the trust fund would jeopardize the
39	39	actuarial soundness of the association [fund] or materially impair
40	40	the ability of the association [fund] to serve the state purposes
41	41	for which the association [fund] was established.
42	42	SECTION 2. Subchapter J, Chapter 2210, Insurance Code, is
43	43	amended by adding Section 2210.456 to read as follows:
44	44	Sec. 2210.456. FORTIFIED HOMES PROGRAM. (a) Subject to a
45	45	plan approved by the commissioner, the association may administer a
46	46	fortified homes program.
47	47	(b) Each year, the association may fund the fortified homes
48	48	program using money from the catastrophe reserve trust fund not to
49	49	exceed $500,000 annually.
50	50	(c) The fortified homes program must be designed to:
51	51	(1) improve preparedness for windstorm and hail
52	52	catastrophes; and
53	53	(2) reduce potential losses in the event of such a
54	54	catastrophe.
55	55	(d) Money may not be used under this section if the
56	56	commissioner determines that an expenditure from the trust fund
57	57	would:
58	58	(1) jeopardize the actuarial soundness of the
59	59	association; or
60	60	(2) materially impair the ability of the association
61	61	to serve the state purposes for which the association was
62	62	established.
63	63	SECTION 3. This Act takes effect September 1, 2023.