1-1 By: Goodman (Senate Sponsor - Ellis) H.B. No. 2873
1-2 (In the Senate - Received from the House May 8, 1997;
1-3 May 9, 1997, read first time and referred to Committee on Economic
1-4 Development; May 17, 1997, reported favorably by the following
1-5 vote: Yeas 8, Nays 0; May 17, 1997, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the policy forms for certain large risk insurance
1-9 policies.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Section 8(f), Article 5.13-2, Insurance Code, is
1-12 amended to read as follows:
1-13 (f) Policy forms for use with large risks are exempt from
1-14 the requirements of Subsections (a), (b), and (e) of this section.
1-15 For purposes of this subsection, "large risk" means:
1-16 (1) an insured that has total insured property values
1-17 of $5 [10] million or more;
1-18 (2) an insured that has total annual gross revenues of
1-19 $10 [20] million or more; or
1-20 (3) an insured that has a total premium of $25,000
1-21 [50,000] or more for property insurance, $25,000 [50,000] or more
1-22 for general liability insurance, or $50,000 [100,000] or more for
1-23 multiperil insurance.
1-24 SECTION 2. The importance of this legislation and the
1-25 crowded condition of the calendars in both houses create an
1-26 emergency and an imperative public necessity that the
1-27 constitutional rule requiring bills to be read on three several
1-28 days in each house be suspended, and this rule is hereby suspended.
1-29 * * * * *