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A BILL TO BE ENTITLED
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AN ACT
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relating to a grace period for payment of premiums on insurance |
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policies renewed by the Texas 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 2210.203, Insurance Code, is amended by |
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adding Subsection (c-1) to read as follows: |
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(c-1) With the advice of the association, the commissioner |
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shall adopt rules establishing a grace period of not more than 10 |
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days after the due date for the receipt of payment of premium for |
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the renewal of a policy. |
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SECTION 2. Not later than June 1, 2022, the commissioner of |
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insurance, with the advice of the Texas Windstorm Insurance |
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Association, shall adopt rules as required by Section |
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2210.203(c-1), Insurance Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2021. |