Bill Text: TX HB1306 | 2019-2020 | 86th Legislature | Comm Sub

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-Comm_Sub.html

---

By: Frullo (Senate Sponsor - Hancock) H.B. No. 1306
(In the Senate - Received from the House April 23, 2019;
April 24, 2019, read first time and referred to Committee on
Business & Commerce; May 10, 2019, reported favorably by the
following vote: Yeas 8, Nays 0; May 10, 2019, sent to printer.)
Click here to see the committee vote

A BILL TO BE ENTITLED
AN ACT
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.
* * * * *