Bill Text: TX HB431 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the regulation of property and casualty insurance rates in certain areas after a disaster declaration.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-02-25 - Referred to Insurance [HB431 Detail]
Download: Texas-2021-HB431-Introduced.html
| 87R1229 SMT-D | ||
| By: King of Hemphill | H.B. No. 431 | |
|
|
||
|
|
||
| relating to the regulation of property and casualty insurance rates | ||
| in certain areas after a disaster declaration. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 2251, Insurance Code, is | ||
| amended by adding Section 2251.053 to read as follows: | ||
| Sec. 2251.053. LIMITATION ON USE OF DISASTER LOSS AND | ||
| EXPENSE EXPERIENCE. If the governor designates a disaster area | ||
| under Section 418.014, Government Code, an insurer may not consider | ||
| loss and expense experience caused by the disaster in the | ||
| designated area to set rates for risks outside of the designated | ||
| area. | ||
| SECTION 2. The change in law made by this Act applies only | ||
| to a rate for an insurance policy that is delivered, issued for | ||
| delivery, or renewed on or after January 1, 2022. A rate for an | ||
| insurance policy delivered, issued for delivery, or renewed before | ||
| January 1, 2022, 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, 2021. | ||
