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A BILL TO BE ENTITLED
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AN ACT
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relating to exemptions for insurers from certain rate filing and |
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approval requirements based on the percentage that an insurer |
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collects of the total amount of residential property insurance |
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policy premiums collected in the state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsections (a) and (b), Section 2251.252, |
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Insurance Code, are amended to read as follows: |
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(a) Except as provided by Subsections (b) and (c), an |
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insurer is exempt from the rate filing and approval requirements of |
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this chapter if the insurer, during the calendar year preceding the |
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date filing is otherwise required under this chapter, issued |
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residential property insurance policies in this state that |
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accounted for less than four [two] percent of the total amount of |
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premiums collected by insurers for residential property insurance |
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policies issued in this state, more than 50 percent of which cover |
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property: |
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(1) valued at less than $100,000; and |
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(2) located in an area designated by the commissioner |
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as underserved for residential property insurance under Chapter |
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2004. |
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(b) If an insurer described by Subsection (a) is a member of |
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an affiliated insurance group, this subchapter applies to the |
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insurer only if the total aggregate premium collected by the group |
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accounts for less than four [two] percent of the total amount of |
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premiums collected by insurers for residential property insurance |
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policies issued in this state. |
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SECTION 2. This Act takes effect September 1, 2009. |