Bill Text: TX SB796 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to arbitration provisions in surplus lines insurance contracts.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Vetoed) 2023-06-17 - Vetoed by the Governor [SB796 Detail]
Download: Texas-2023-SB796-Comm_Sub.html
Bill Title: Relating to arbitration provisions in surplus lines insurance contracts.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Vetoed) 2023-06-17 - Vetoed by the Governor [SB796 Detail]
Download: Texas-2023-SB796-Comm_Sub.html
By: Middleton | S.B. No. 796 | |
(In the Senate - Filed February 9, 2023; March 1, 2023, read | ||
first time and referred to Committee on Business & Commerce; | ||
March 22, 2023, reported adversely, with favorable Committee | ||
Substitute by the following vote: Yeas 10, Nays 0; March 22, 2023, | ||
sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR S.B. No. 796 | By: Middleton |
|
||
|
||
relating to arbitration provisions in surplus lines insurance | ||
contracts. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 981.101, Insurance Code, is amended by | ||
adding Subsection (d) to read as follows: | ||
(d) An arbitration under a surplus lines insurance contract | ||
that is related to a risk located entirely in this state must be | ||
conducted in this state, and the arbitration agreement in the | ||
insurance contract must be interpreted in accordance with the laws | ||
of this state. This subsection applies to an arbitration under a | ||
surplus lines insurance contract entered into in or outside of this | ||
state. | ||
SECTION 2. Section 981.101(d), Insurance Code, as added by | ||
this Act, applies only to a surplus lines insurance contract | ||
delivered, issued for delivery, or renewed on or after January 1, | ||
2024. | ||
SECTION 3. This Act takes effect September 1, 2023. | ||
* * * * * |