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House Bill 1559 |
House Author: Frullo |
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Effective: 9-1-17 |
Senate Sponsor: Hancock |
House Bill 1559 amends the Insurance Code to exempt insurance procured for an industrial insured, if certain requirements are met, from the condition on the authorization for an eligible surplus lines insurer to provide surplus lines insurance regarding the inability to obtain the full amount of required insurance from an insurer authorized to write and actually writing that kind and class of insurance in Texas. The bill includes evidence establishing that the insured qualified as an industrial insured and that the surplus lines agent complied with the requirements of the exemption among the records a surplus lines agent is required to maintain regarding a surplus lines contract obtained by the agent, if applicable.