By: Anderson of Dallas H.B. No. 2542

(Senate Sponsor - Taylor of Galveston)

(In the Senate - Received from the House May 15, 2017; May 15, 2017, read first time and referred to Committee on Business & Commerce; May 21, 2017, reported favorably by the following vote: Yeas 8, Nays 0; May 21, 2017, sent to printer.) Click here to see the committee vote

A BILL TO BE ENTITLED

AN ACT

relating to notice to certain insurers by the Texas Department of Insurance regarding supervision or conservatorship of certain insurance agents.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 441.201, Insurance Code, is amended by adding Subsection (g) to read as follows:

(g) Notwithstanding Subsection (a), if the commissioner places a title insurance agent licensed under Title 11 or an insurance agent licensed under Title 13 under supervision or in conservatorship, the commissioner shall provide written notice of the order of supervision or conservatorship to each insurer for which the agent holds an appointment under Subchapter A, Chapter 2651, or Subchapter E, Chapter 4001, or other applicable law, on the date the supervisor or conservator is appointed.

SECTION 2. Section 441.201(g), Insurance Code, as added by this Act, applies to an order of supervision or conservatorship issued under Chapter 441, Insurance Code, on or after the effective date of this Act. An order issued before the effective date of this Act 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, 2017.

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