Enrolled Bill Summary

            Senate Bill 310 amends the Insurance Code to require insurers writing residential property insurance in Texas to file immediately after its effective date and on a one-time basis certain information with the commissioner of insurance. The required information includes current rates, estimated rates to be charged in the six-month period following the effective date of this bill, and supporting data. The bill authorizes the commissioner to determine which insurers, other than those categorically required by the bill, are required to file information, the format in which the information shall be submitted, and the date on which the filing is due. The commissioner also is authorized to require an insurer to provide additional information after the initial deadline for purposes of clarification or completeness of the initial rate submission. The bill requires the commissioner to submit a report to the governor and to the 78th Legislature not later than the 30th day after the effective date of this bill. The bill requires that the report provide a summary review of the rate information and supporting data collected from the filings under this bill to inform the legislature as to whether the insurers' rates are just, adequate, reasonable, and not excessive or unfairly discriminatory, and to assist in the development of an effective and efficient rate regulatory system for residential property insurance in Texas.

            Information filed with the Texas Department of Insurance under this bill that is confidential under any law that applied to the insurer before the effective date of this bill will remain confidential and is not subject to disclosure, except for legislative purposes. The bill does not preclude the use of filed information to prosecute a code violation and sets forth provisions relating to the confidentiality of information used for this purpose. The bill provides that an insurer that fails to comply with any request for information issued by the commissioner under this bill is subject to sanction. The provisions of this bill expire on December 31, 2003, but are continued in effect in the case of any action or proceeding against an insurer for failure to comply with this law before its expiration.