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Senate Bill 698 |
Senate Author: Carona |
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Effective: 5-18-13 |
House Sponsor: Eiland |
Senate Bill 698 amends the Insurance Code to require an insurer to refund the appropriate portion of any unearned premium for a policy of personal automobile or residential property insurance to the policyholder not later than the 15th business day after the effective date of cancellation or termination of the policy. The bill makes an exception to that provision by requiring a guaranty association to refund any unearned premium as described by provisions of the Texas Property and Casualty Insurance Guaranty Act relating to covered claims not later than the 30th business day after the date the guaranty association receives any necessary and accurate financial information required to determine unearned premium under such a policy.