Bill Text: TX HB1306 | 2019-2020 | 86th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the provision of flood coverage under insurance policies issued by surplus lines insurers.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB1306 Detail]
Download: Texas-2019-HB1306-Engrossed.html
Bill Title: Relating to the provision of flood coverage under insurance policies issued by surplus lines insurers.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB1306 Detail]
Download: Texas-2019-HB1306-Engrossed.html
86R16775 JES-F | ||
By: Frullo | H.B. No. 1306 |
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relating to the provision of flood coverage under insurance | ||
policies issued by surplus lines insurers. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 981.004, Insurance Code, is amended by | ||
adding Subsection (e) to read as follows: | ||
(e) Subsections (a)(1) and (b) do not apply to flood | ||
coverage under an insurance policy issued by an eligible surplus | ||
lines insurer that has a financial strength rating of A- or better | ||
from the A. M. Best Company. | ||
SECTION 2. Section 981.004(e), Insurance Code, as added by | ||
this Act, applies only to an insurance policy delivered, issued for | ||
delivery, or renewed on or after January 1, 2020. A policy | ||
delivered, issued for delivery, or renewed before January 1, 2020, | ||
is governed by the law as it existed immediately before the | ||
effective date of this Act, and that law is continued in effect for | ||
that purpose. | ||
SECTION 3. This Act takes effect September 1, 2019. |