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Senate Bill 417 |
Senate Author: Watson |
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Effective: 9-1-17 |
House Sponsor: Lucio III et al. |
Senate Bill 417 amends the Insurance Code to revise requirements for providing notice to policyholders of changes to certain types of property and casualty insurance policies, including, among others, personal automobile insurance policies, residential property insurance policies, and fire insurance policies. The bill makes such requirements applicable to any material change to a policy that reduces coverage, changes conditions of coverage, or changes the duties of the insured or policyholder; expands criteria relating to such a notice's form and content and the deadline for providing notice; and requires notice of a material change to an applicable policy to also be provided to each agent of the insurer. The bill establishes that a change to a policy provision on renewal is not a nonrenewal or cancellation if the insurer provides the insured with proper written notice of any material change in each form of the policy offered to the insured on renewal from the form of the policy held immediately before renewal.