1-1 By: Eiland (Senate Sponsor - Jackson) H.B. No. 2252
1-2 (In the Senate - Received from the House May 10, 1999;
1-3 May 10, 1999, read first time and referred to Committee on Economic
1-4 Development; May 14, 1999, reported favorably by the following
1-5 vote: Yeas 7, Nays 0; May 14, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to commercial windstorm insurance rates.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Section 8(h)(10), Article 21.49, Insurance Code,
1-11 is amended to read as follows:
1-12 (10) A filing made under this subsection may not
1-13 reflect an annual premium rate change that is more than 15 percent
1-14 (higher or lower) of the rate for commercial windstorm and hail
1-15 insurance in each rate classification in effect on September 1,
1-16 1995. This subdivision expires January 1, 2003 [2001], provided
1-17 however, that the commissioner may, after notice and hearing,
1-18 suspend this subdivision upon a finding that a catastrophe loss or
1-19 series of occurrences resulting in losses in the catastrophe area
1-20 justify a need to assure rate adequacy in the catastrophe area and
1-21 also justify a need to assure availability of insurance outside the
1-22 catastrophe area.
1-23 SECTION 2. This Act takes effect September 1, 1999.
1-24 SECTION 3. 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 * * * * *