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A BILL TO BE ENTITLED
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AN ACT
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relating to residential property insurance coverage issued by the |
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Texas Windstorm Insurance Association for low-income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 2210, Insurance Code, is |
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amended by adding Section 2210.211 to read as follows: |
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Sec. 2210.211. RESIDENTIAL PROPERTY INSURANCE: COVERAGE |
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FOR LOW-INCOME HOUSING. (a) In this section, "low income" means a |
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household with a combined income that is not less than 31 percent |
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and not more than 80 percent of the area median income. |
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(b) To be eligible for coverage under this section, a person |
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must: |
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(1) have a low income and reside in the catastrophe |
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area; or |
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(2) provide housing with the insurable property to |
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persons with a low income in the catastrophe area. |
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(c) An eligible person who has an insurable interest in |
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insurable property may apply to the association for residential |
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property insurance coverage, including windstorm and hail |
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coverage, and an inspection to the property, subject to any rules |
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established by the board of directors and approved by the |
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commissioner. |
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(d) On receipt of a completed application under this section |
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that complies with all applicable rules and on payment of the |
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premium in full or in part as authorized under Section 2210.2032, |
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the association shall direct the issuance of a residential property |
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insurance policy. |
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(e) The commissioner shall adopt rules necessary to |
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implement this section, including rules that: |
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(1) require premiums and other cost-sharing |
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requirements for a policy issued under this section to be |
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affordable to persons with a low income; |
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(2) prescribe inspection requirements necessary for |
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issuing a policy under this section; and |
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(3) prescribe the terms of a policy issued under this |
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section. |
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SECTION 2. This Act takes effect September 1, 2023. |