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A BILL TO BE ENTITLED
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AN ACT
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relating to payment of covered claims based on assignment. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 462.201, Insurance Code, is amended to |
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read as follows: |
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Sec. 462.201. COVERED CLAIMS IN GENERAL. A claim is a |
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covered claim if: |
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(1) the claim is an unpaid claim; |
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(2) the claim is made under an insurance policy to |
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which this chapter applies that is: |
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(A) issued by an insurer authorized to engage in |
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business in this state; or |
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(B) assumed by an insurer authorized to engage in |
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business in this state that issues an assumption certificate to the |
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insured; |
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(3) the claim arises out of the policy and is within |
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the coverage and applicable limits of the policy; |
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(4) the insurer that issued the policy or assumed the |
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policy under an assumption certificate issued to the insured is an |
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impaired insurer; and |
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(5) the claim: |
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(A) is made by a liability claimant or insured |
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who is a resident of this state at the time of the insured event; |
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[or] |
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(B) is a first-party claim for damage to property |
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that is permanently located in this state; or |
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(C) is made by a person holding a valid |
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assignment of a claim described by Paragraph (A) or (B) or Section |
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462.202. |
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SECTION 2. The change in law made by this Act applies only |
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to a claim under Chapter 462, Insurance Code, in relation to an |
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insurer that is designated as an impaired insurer on or after the |
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effective date of this Act. A claim under Chapter 462, Insurance |
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Code, in relation to an insurer that is designated as an impaired |
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insurer before the effective date of this Act is governed by the law |
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as it existed 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 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |