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A BILL TO BE ENTITLED
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AN ACT
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relating to the powers and duties of the windstorm insurance |
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legislative oversight board and to certain studies by the board |
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relating to the Texas Windstorm Insurance Association and the Fair |
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Access to Insurance Requirements Plan. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter N, Chapter 2210, Insurance Code, is |
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amended by adding Section 2210.655 to read as follows: |
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Sec. 2210.655. TEMPORARY POWERS AND DUTIES OF BOARD; STUDY |
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OF FUNDING AND FUNDING STRUCTURE. (a) The board shall: |
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(1) gather information regarding: |
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(A) how the association's current funding and |
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funding structure operate; |
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(B) how the catastrophic risk pools of other |
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states operate; and |
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(C) other information that the board considers |
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necessary to prepare the information required by Subsection (c); |
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and |
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(2) hold public meetings to hear testimony from |
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experts, stakeholders, and other interested parties regarding |
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recommendations and proposals for establishing and implementing |
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sustainable funding and a sustainable funding structure for the |
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association. |
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(b) The board may request reports and other information as |
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necessary to implement this section from: |
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(1) the department; |
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(2) the association; and |
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(3) experts, stakeholders, and other interested |
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parties described by Subsection (a)(2). |
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(c) The board shall include in the report described by |
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Section 2210.654 the board's findings regarding the current funding |
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and funding structure of the association, problems with the funding |
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and funding structure, and recommendations for legislative action |
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related to the funding, funding structure, and sustainability of |
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the association. The report must include: |
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(1) an analysis of the current funding, funding |
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structure, and sustainability of the association, including the |
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association's reliance on debt and reinsurance; and |
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(2) recommendations for legislative action necessary |
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to: |
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(A) address problems with the current funding and |
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funding structure of the association; and |
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(B) foster the stability and sustainability of |
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the association. |
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(d) This section expires September 1, 2023. |
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SECTION 2. Sections 14(c) and (d), Chapter 790 (H.B. 1900), |
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Acts of the 86th Legislature, Regular Session, 2019, are amended to |
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read as follows: |
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(c) Not later than January 1, 2023 [2021], the windstorm |
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insurance legislative oversight board shall submit to the governor, |
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the lieutenant governor, the speaker of the house of |
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representatives, and the Texas Department of Insurance a written |
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report of a [the] study conducted under this section. The report |
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must include the findings and legislative recommendations of the |
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board. |
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(d) This section expires January 1, 2024 [2022]. |
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SECTION 3. This Act takes effect September 1, 2021. |