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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of a coverage summary for certain property |
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and casualty insurance policies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 521.005(a), Insurance Code, is amended |
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to read as follows: |
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(2) the department's name and address; and
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(3) the department's toll-free telephone number maintained |
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under Subchapter B; and.
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(4) a coverage summary or other informational material to |
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help consumers understand the insurance policy offered or |
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purchased. |
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SECTION 2. Section 521.005, Insurance Code, is amended to |
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add the following: |
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(c) The commissioner may adopt by rule requirements for a |
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coverage summary or other informational material. |
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(d) Subsections (a) (4) and (c) apply to an insurer, as |
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defined in Section 38.002, and a farm mutual insurance company, |
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writing personal automobile or homeowners insurance as defined in |
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Section 2301.051 in this state, and their agents. |
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SECTION 3. This Act applies only to an insurance policy that |
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is delivered, issued for delivery, or renewed on or after January 1, |
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2016. A policy delivered, issued for delivery, or renewed before |
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January 1, 2016, 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 4. This Act takes effect January 1, 2016. |