Amend SB 1450 on third reading by adding the following appropriately numbered SECTION to the bill and renumbering SECTIONS of the bill appropriately:
SECTION ____. Subchapter C, Chapter 551, Insurance Code, is amended by adding Section 551.1041 to read as follows:
Sec. 551.1041. RULEMAKING AUTHORITY RELATING TO NOTICE OF CANCELLATION OF CERTAIN PERSONAL AUTOMOBILE INSURANCE COVERAGES. The commissioner shall exercise the commissioner's rulemaking authority to adopt rules under which an insurer that cancels a personal automobile insurance policy that provides comprehensive or collision physical damage coverage for an automobile that is subject to a purchase money lien is required to notify the lienholder, if known, that the coverage will be cancelled.