|
Senate Bill 1450 |
Senate Author: Taylor, Larry |
|
Effective: 9-1-17 |
House Sponsor: Bonnen, Greg |
Senate Bill 1450 amends the Insurance Code to prohibit the commissioner of insurance from adopting or enforcing a rule that implements an interstate, national, or international agreement that infringes on the state's authority to regulate the business of insurance in Texas and was not approved by the legislature and to revise the conditions under which the Texas Department of Insurance may require an insurer to comply with a rule, regulation, directive, or standard adopted by the National Association of Insurance Commissioners. The bill requires the commissioner to exercise the commissioner's rulemaking authority to adopt rules under which an insurer that cancels a personal automobile insurance policy that provides comprehensive or collision physical damage coverage for an automobile that is subject to a purchase money lien is required to notify the lienholder, if known, that the coverage will be canceled.