Amend CSSB 458 (senate committee report) in SECTION 1 of the bill, adding Chapter 1813, Insurance Code, as follows:
(1) In Section 1813.002(a)(1) (page 1, line 51), strike "and".
(2) In Section 1813.002(a)(2) (page 1, line 53), strike the underlined period and substitute an underlined semicolon.
(3) Immediately after Section 1813.002(a) (page 1, between lines 53 and 54), insert the following:
(3) rules establishing a standard for documenting the appraisal outcomes;
(4) rules establishing criteria for assessing whether a premium increase violates Section 1813.005; and
(5) rules establishing procedures for consumer complaints and insurer enforcement.
(4) Immediately after Section 1813.004 (page 2, between lines 13 and 14), insert the following:
Sec. 1813.005. PREMIUM INCREASE RESTRICTIONS RELATED TO APPRAISAL OUTCOMES. (a) An insurer may not increase a policyholder's annual premium for a personal automobile or residential property insurance policy by more than 10 percent if:
(1) the policyholder participated in an appraisal under the provision required by this chapter during the preceding policy year; and
(2) the final appraised value of the losses in the appraisal exceeded the insurer's last appraisal award offer by 25 percent or more.
(b) This section does not apply to a policyholder who has filed two or more separate claims resulting in multiple appraisals under the provision required by this chapter within the same policy year.