Bill Text: TX HB3010 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the use of assets of the Texas Windstorm Insurance Association.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-18 - Referred to Insurance [HB3010 Detail]
Download: Texas-2013-HB3010-Introduced.html
| By: Bonnen of Brazoria | H.B. No. 3010 | |
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| relating to the use of assets of the Texas Windstorm Insurance | ||
| Association. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Sec. 2210.152. CONTENTS OF PLAN OF OPERATION. | ||
| (a) The plan of operation must: | ||
| (1) provide for the efficient, economical, fair, and | ||
| nondiscriminatory administration of the association, including | ||
| that current calendar year revenue must not be used to pay losses, | ||
| including loss adjustment expenses, that were incurred in prior | ||
| years; and | ||
| (2) include: | ||
| (A) a plan for the equitable assessment of the | ||
| members of the association to defray losses and expenses; | ||
| (B) underwriting standards; | ||
| (C) procedures for accepting and ceding | ||
| reinsurance; | ||
| (D) procedures for obtaining and repaying | ||
| amounts under any financial instruments authorized under this | ||
| chapter; | ||
| (E) procedures for determining the amount of | ||
| insurance to be provided to specific risks; | ||
| (F) time limits and procedures for processing | ||
| applications for insurance; and | ||
| (G) other provisions as considered necessary by | ||
| the department to implement the purposes of this chapter. | ||
| (b) The plan of operation may provide for liability limits | ||
| for an insured structure and for the corporeal movable property | ||
| located in the structure. | ||
| (c) The plan of operation shall require the association to | ||
| use the claim settlement guidelines published by the commissioner | ||
| under Section 2210.578(f) in evaluating the extent to which a loss | ||
| to insured property is incurred as a result of wind, waves, tidal | ||
| surges, or rising waters not caused by waves or surges. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2013. | ||
