| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the regulation of certain policy forms used for |
|
|
insuring certain large risks. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 2301.004, Insurance Code, is amended to |
|
|
read as follows: |
|
|
Sec. 2301.004. EXEMPTION FOR LARGE RISKS. Sections |
|
|
2301.006, 2301.007(a) and (b), and 2301.008 do not apply to forms |
|
|
for use with an insured that has: |
|
|
(1) total insured property values of $10 [$5] million |
|
|
or more; |
|
|
(2) total annual gross revenues of $20 [$10] million |
|
|
or more; or |
|
|
(3) a total premium of $100,000 [$25,000] or more for |
|
|
property insurance, $100,000 [$25,000] or more for general |
|
|
liability insurance, or $100,000 [$50,000] or more for multiperil |
|
|
insurance. |
|
|
SECTION 2. The change in law made by this Act applies only |
|
|
to an insurance policy that is delivered, issued for delivery, or |
|
|
renewed on or after September 1, 2015. A policy delivered, issued |
|
|
for delivery, or renewed before September 1, 2015, is governed by |
|
|
the law as it existed immediately before the effective date of this |
|
|
Act, and that law is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2015. |