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A BILL TO BE ENTITLED
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AN ACT
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relating to maximum liability limits for windstorm and hail |
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insurance coverage provided through the Texas Windstorm Insurance |
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Association. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2210.501(a), Insurance Code, is amended |
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to read as follows: |
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(a) The board of directors shall propose the maximum |
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liability limits under a windstorm and hail insurance policy issued |
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by the association under this chapter. The maximum liability |
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limits are considered [must be] approved by the commissioner unless |
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the commissioner disapproves or modifies the liability limits by |
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order issued not later than the 30th day after the date of receipt |
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of a filing under Section 2210.503. |
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SECTION 2. Section 2210.504(a), Insurance Code, is amended |
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to read as follows: |
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(a) Not later than the 30th [60th] day after the date the |
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commissioner disapproves or modifies [of receipt of] a filing under |
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Section 2210.503, and after notice and hearing, the commissioner by |
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order shall approve, disapprove, or modify the proposed adjustment |
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to the maximum liability limits. |
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SECTION 3. The changes in law made by this Act apply only to |
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a proposed maximum liability limit filed on and after January 1, |
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2018. A proposed maximum liability limit filed before January 1, |
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2018, is governed by the law as it existed immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 4. This Act takes effect September 1, 2017. |