By: Lucio S.B. No. 1829
Substitute the following for S.B. No. 1829:
By: Smithee C.S.S.B. No. 1829
A BILL TO BE ENTITLED
AN ACT
relating to rate regulation of certain insurers writing personal
automobile insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 13, Article 5.13-2, Insurance Code, is
amended by adding Subsection (h) to read as follows:
(h) Upon finding that it is in the public interest, the
commissioner, by order, may determine that an insurer is subject to
the filing requirements determined by the commissioner by rule
under Subsection (f) of this section if:
(1) the insurer, along with the insurer's affiliated
companies or group, issues personal automobile liability insurance
policies only below 101 percent of the minimum limits required by
Chapter 601, Transportation Code; and
(2) the insurer, along with the insurer's affiliated
companies or group, has a market share of less than 3.5 percent of
the personal automobile insurance market in this state.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2005.