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A BILL TO BE ENTITLED
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AN ACT
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relating to mitigation preparedness incentives for Texas Windstorm |
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Insurance Association policyholders. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2210.454, Insurance Code, is amended to |
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read as follows: |
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MITIGATION AND PREPAREDNESS PLAN. (a) Subject to a plan |
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approved byTthe commissioner, shall annuallythe association may |
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develop and implementadminister a mitigation and preparedness |
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plan program. |
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(b) Each state fiscal year, the department association may |
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fund the mitigation and preparedness plan program using available |
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funds from the catastrophe reserve trust fund not to exceed |
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$500,000 annually. |
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(c) The mitigation and preparedness plan program must be |
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designed provide for actions to be taken in the seacoast territory |
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by the commissioner, or by a local government, state agency, |
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educational institution, or nonprofit organization designated by |
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the commissioner in the plan, to implement programs to: |
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(1) improve preparedness for windstorm and hail |
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catastrophes; and |
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(2) reduce potential losses in the event of such a |
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catastrophe.; and |
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(3) provide research into the means to: |
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(A) reduce those losses; |
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(B) educate or inform the public in determining |
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the appropriateness of particular upgrades to structures; or |
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(C) protect infrastructure from potential damage |
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from those catastrophes. |
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(d) Money in excess of $1 million may not be used under this |
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section if the commissioner determines that an expenditure of |
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investment income from the trust fund would jeopardize the |
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actuarial soundness of the fund association or materially impair |
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the ability of the fund association to serve the state purposes for |
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which the fund association was established. |
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SECTION 2. This Act takes effect September 1, 2023. |