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A BILL TO BE ENTITLED
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AN ACT
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relating to reciprocity requirements for nonresident insurance |
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agents to offer or sell insurance policies issued by the Texas |
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Windstorm Insurance Association. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2210.152(a), Insurance Code, is amended |
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to read as follows: |
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(a) The plan of operation must: |
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(1) provide for the efficient, economical, fair, and |
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nondiscriminatory administration of the association; and |
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(2) include: |
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(A) a plan for the equitable assessment of the |
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members of the association to defray losses and expenses; |
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(B) underwriting standards; |
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(C) procedures for accepting and ceding |
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reinsurance; |
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(D) procedures for obtaining and repaying |
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amounts under any financial instruments authorized under this |
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chapter; |
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(E) procedures for determining the amount of |
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insurance to be provided to specific risks; |
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(F) time limits and procedures for processing |
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applications for insurance; |
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(G) a requirement that a nonresident agent |
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licensed under Section 4056.052 may not offer or sell a Texas |
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windstorm and hail insurance policy under this chapter unless the |
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nonresident agent's state of residence authorizes a resident agent |
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licensed in this state to act in the nonresident agent's state as an |
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agent for that state's residual insurer of last resort for |
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windstorm and hail insurance; and |
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(H) [(G)] other provisions as considered |
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necessary by the department to implement the purposes of this |
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chapter. |
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SECTION 2. This Act takes effect January 1, 2018. |