Bill Text: TX SB442 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to a disclosure regarding flood coverage under a commercial or residential property insurance policy.
Spectrum: Bipartisan Bill
Status: (Passed) 2019-05-31 - Effective on 9/1/19 [SB442 Detail]
Download: Texas-2019-SB442-Introduced.html
Bill Title: Relating to a disclosure regarding flood coverage under a commercial or residential property insurance policy.
Spectrum: Bipartisan Bill
Status: (Passed) 2019-05-31 - Effective on 9/1/19 [SB442 Detail]
Download: Texas-2019-SB442-Introduced.html
86R5358 SCL-D | ||
By: Hancock | S.B. No. 442 |
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relating to a disclosure regarding flood coverage under a | ||
residential property insurance policy. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 2002, Insurance Code, is | ||
amended by adding Section 2002.103 to read as follows: | ||
Sec. 2002.103. DISCLOSURE REGARDING FLOOD COVERAGE | ||
REQUIRED. (a) In this section, "residential property insurance" | ||
means insurance coverage against damage to or loss of residential | ||
real or tangible personal property at a fixed location that is | ||
provided through: | ||
(1) a homeowners insurance policy, including a tenants | ||
insurance policy; | ||
(2) a condominium owners insurance policy; | ||
(3) a residential fire and allied lines insurance | ||
policy; | ||
(4) a farm and ranch insurance policy; or | ||
(5) a farm and ranch owners insurance policy. | ||
(b) This section applies to each insurer authorized to | ||
engage in the business of residential property insurance in this | ||
state, including a county mutual insurance company, farm mutual | ||
insurance company, Lloyd's plan, and reciprocal or interinsurance | ||
exchange. | ||
(c) An insurer that issues a residential property insurance | ||
policy that does not provide coverage against loss caused by | ||
flooding shall provide written notice to the insured that the | ||
policy does not provide coverage against loss caused by flooding. | ||
(d) The commissioner by rule shall prescribe the form and | ||
content of the notice required by Subsection (c). | ||
SECTION 2. Section 2002.103, 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. |