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A BILL TO BE ENTITLED
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AN ACT
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relating to credit toward the deductible of certain automobile and |
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homeowners insurance policies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 1952, Insurance Code, is |
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amended by adding Section 1952.060 to read as follows: |
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Sec. 1952.060. REQUIRED PROVISION: ANNUAL DEDUCTIBLE |
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CREDIT. A personal automobile insurance policy that contains a |
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deductible of $1,000 or more must contain a provision to reduce the |
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amount of the deductible that the policyholder must pay in the event |
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of a claim by an amount equal to 10 percent of the deductible amount |
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for each policy year immediately preceding the claim in which the |
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policyholder does not submit a claim under the policy. |
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SECTION 2. Subchapter A, Chapter 2002, Insurance Code, is |
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amended by adding Section 2002.008 to read as follows: |
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Sec. 2002.008. REQUIRED PROVISION: ANNUAL DEDUCTIBLE |
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CREDIT. A homeowners insurance policy that contains a deductible |
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of $2,500 or more must contain a provision to reduce the amount of |
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the deductible that the policyholder must pay in the event of a |
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claim by an amount equal to 10 percent of the deductible amount for |
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each policy year immediately preceding the claim in which the |
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policyholder does not submit a claim under the policy. |
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SECTION 3. The change in law made by this Act applies only |
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to an insurance policy delivered, issued for delivery, or renewed |
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on or after January 1, 2010. A policy delivered, issued for |
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delivery, or renewed before January 1, 2010, is governed by the law |
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in effect immediately before the effective date of this Act, and |
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that law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2009. |