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By: Frullo (Senate Sponsor - Hancock) |
H.B. No. 1306 |
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(In the Senate - Received from the House April 23, 2019; |
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April 24, 2019, read first time and referred to Committee on |
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Business & Commerce; May 10, 2019, reported favorably by the |
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following vote: Yeas 8, Nays 0; May 10, 2019, sent to printer.) |
| Click here to see the committee vote |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the provision of flood coverage under insurance |
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policies issued by surplus lines insurers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 981.004, Insurance Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) Subsections (a)(1) and (b) do not apply to flood |
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coverage under an insurance policy issued by an eligible surplus |
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lines insurer that has a financial strength rating of A- or better |
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from the A. M. Best Company. |
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SECTION 2. Section 981.004(e), Insurance Code, as added by |
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this Act, applies only to an insurance policy delivered, issued for |
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delivery, or renewed on or after January 1, 2020. A policy |
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delivered, issued for delivery, or renewed before January 1, 2020, |
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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 3. This Act takes effect September 1, 2019. |
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* * * * * |