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A BILL TO BE ENTITLED
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AN ACT
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relating to actuarial certification of title insurance company |
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reserves. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2551.256(c), Insurance Code, is amended |
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to read as follows: |
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(c) The reserves analyzed under this section must include |
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reserves for known claims[, including adverse development on known
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claims,] and reserves for incurred but not reported claims. |
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SECTION 2. The change in law made by this Act applies only |
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to an insurer's annual statement required under Section 2551.152, |
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Insurance Code, on or after January 1, 2016. A statement required |
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before January 1, 2016, is governed by the law as it existed |
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immediately before the effective date of this Act, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |