Enrolled Bill Summary

            House Bill 1162 amends the Insurance Code to require uniformity among the rates established by the commissioner of insurance for policies written by the Texas Windstorm Insurance Association for first tier coastal counties. The bill extends from August 1 to August 15 the deadline for the association to file a proposed manual rate for all types and classes of risks, and it extends from November 1 to November 15 the deadline for the commissioner to approve, disapprove, or modify the filing. The bill extends from 10 days to 30 days after a filing is disapproved the period of time within which the association may file an amended filing to comply with the commissioner's criteria for approval.

            House Bill 1162 decreases from 15 percent to 10 percent the range of variation from established rates for commercial and noncommercial windstorm and hail insurance rates already in effect, limits a rate change for an individual rating class to not more than 15 percent of the rate in effect, and extends the expiration date for these provisions to December 31, 2005. House Bill 1162 establishes required procedures for the development of catastrophe and noncatastrophe elements of commercial and noncommercial rates.

            House Bill 1162 establishes deadlines for the Texas Department of Insurance to value certain loss and loss adjustment expense data required for a filing and to provide the data to the association and other interested persons. The bill requires an insurer to provide certain data to the department at the department's request, and it also allows the department to obtain the data from a designated statistical agent.