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AN ACT
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relating to the administration of the Texas Windstorm Insurance |
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Association. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter H, Chapter 2210, Insurance Code, is |
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amended by adding Section 2210.3512 to read as follows: |
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Sec. 2210.3512. REQUIREMENT FOR VOTE ON RATE FILING. The |
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board of directors may not vote on a proposed rate increase if: |
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(1) there is a vacancy on the board; and |
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(2) the vacancy has existed for at least 60 days at the |
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time the vote is to be taken. |
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SECTION 2. The heading to Section 2210.453, Insurance Code, |
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is amended to read as follows: |
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Sec. 2210.453. FUNDING LEVELS; REINSURANCE AND ALTERNATIVE |
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RISK FINANCING MECHANISMS; REINSURANCE FROM CERTAIN INSURER OR |
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BROKER PROHIBITED. |
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SECTION 3. Section 2210.453, Insurance Code, is amended by |
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adding Subsection (f) to read as follows: |
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(f) The association may not purchase reinsurance under this |
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section from an insurer or broker involved in the execution of a |
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catastrophe model on which the association relies in: |
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(1) determining the probable maximum loss applicable |
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for the period covered by the reinsurance; or |
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(2) adopting rates under Section 2210.355. |
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SECTION 4. The Texas Department of Insurance shall amend |
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the Texas Windstorm Insurance Association's plan of operation to |
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conform to the changes in law made by this Act not later than the |
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60th day after the effective date of this Act. |
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SECTION 5. This Act takes effect September 1, 2021. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 769 was passed by the House on April |
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30, 2021, by the following vote: Yeas 120, Nays 9, 1 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 769 on May 29, 2021, by the following vote: Yeas 127, Nays 14, |
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1 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 769 was passed by the Senate, with |
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amendments, on May 25, 2021, by the following vote: Yeas 22, Nays |
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9. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |