89R11619 SCR-F
By: Morgan H.B. No. 4062
A BILL TO BE ENTITLED
AN ACT
relating to the amount of a large risk that is exempt from certain
property and casualty insurance policy form requirements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2301.004, Insurance Code, is amended to
read as follows:
Sec. 2301.004. EXEMPTION FOR LARGE RISKS. Sections
2301.006, 2301.007(a) and (b), and 2301.008 do not apply to forms
for use with an insured that has:
(1) total insured property values of $20 [$5] million
or more;
(2) total annual gross revenues of $100 [$10] million
or more; or
(3) a total premium of $100,000 [$25,000] or more for
property insurance, $100,000 [$25,000] or more for general
liability insurance, or $250,000 [$50,000] or more for multiperil
insurance.
SECTION 2. Section 2301.004, Insurance Code, as amended by
this Act, applies only to an insurance policy delivered, issued for
delivery, or renewed on or after January 1, 2026. A policy
delivered, issued for delivery, or renewed before January 1, 2026,
is governed by the law as it existed immediately before the
effective date of this Act, and that law is continued in effect for
that purpose.
SECTION 3. This Act takes effect September 1, 2025.