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A BILL TO BE ENTITLED
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AN ACT
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relating to a requirement for and the contents of a declarations |
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page required for certain standard insurance policy forms for |
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residential property insurance. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 2301, Insurance Code, is |
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amended by adding Section 2301.056 to read as follows: |
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Sec. 2301.056. REQUIREMENT FOR FORMS; DECLARATIONS PAGE |
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REQUIREMENT. (a) A residential property insurance policy form |
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must include a declarations page that: |
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(1) lists and explains each type of deductible under |
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the residential property insurance policy; and |
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(2) states the exact dollar amount of each deductible |
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under the residential property insurance policy. |
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(b) If a residential property insurance policy or an |
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endorsement attached to the policy contains a provision that may |
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cause the exact dollar amount of a deductible under the policy to |
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change, the declarations page must include a written disclosure |
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that clearly identifies the provision and explains how the new |
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amount is determined. |
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(c) Notwithstanding Subsections (a) and (b), the list and |
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explanation required by Subsection (a)(1), together with the |
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disclosure required by Subsection (b), may be provided on a |
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separate page from the declarations page. |
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SECTION 2. This Act applies only to an insurance policy |
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delivered, issued for delivery, or renewed on or after January 1, |
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2014. A policy delivered, issued for delivery, or renewed before |
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January 1, 2014, 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 3. This Act takes effect September 1, 2013. |