Enrolled Bill Summary

Senate Bill 463 amends the Insurance Code to provide that if the repair of damage to a structure that qualifies as insurable property in a catastrophe area is based on a direct loss and claim, and the amount of that loss or claim is less than five percent of the amount of total property coverage on the structure, the repairs to the structure may be completed in a manner that returns it to its condition immediately before the loss without affecting its eligibility to qualify as insurable property. The bill also eliminates the expiration date of a provision relating to rate change limitations for windstorm and hail insurance.

Reason Given for Veto: "Senate Bill No. 463 conflicts with language contained in Senate Bill No. 14, which I have already signed into law. At the author's request, I am vetoing the bill."