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A BILL TO BE ENTITLED
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AN ACT
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relating to insurance rates for residential property insurance |
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policyholders at least 65 years of age. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Section 2251.005, Insurance Code, |
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is amended to read as follows: |
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Sec. 2251.005. [NOTICE OF] RATE INCREASE FOR RESIDENTIAL |
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PROPERTY INSURANCE POLICIES. |
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SECTION 2. Section 2251.005, Insurance Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) Notwithstanding any other law, an insurer may not |
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increase the rate of a residential property insurance policy held |
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by a policyholder who is at least 65 years of age for any coverage |
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under the policy in effect as of the date on which the policyholder |
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becomes 65 years of age. |
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SECTION 3. This Act applies only to an insurance policy that |
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is delivered, issued for delivery, or renewed on or after January 1, |
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2010. A policy delivered, issued for delivery, or renewed before |
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January 1, 2010, is governed by the law as it existed immediately |
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before the effective date of this Act, and that law is continued in |
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effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2009. |