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A BILL TO BE ENTITLED
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AN ACT
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relating to the determination by a motor vehicle insurer of the |
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value of a vehicle declared a total loss. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1952.001, Insurance Code, is amended to |
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read as follows: |
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Sec. 1952.001. APPLICABILITY OF CHAPTER. Except as |
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otherwise provided by this chapter [provided by Section 1952.201], |
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this chapter applies to an insurer writing automobile insurance in |
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this state, including an insurance company, corporation, |
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reciprocal or interinsurance exchange, mutual insurance company, |
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association, Lloyd's plan, or other insurer. |
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SECTION 2. Chapter 1952, Insurance Code, is amended by |
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adding Subchapter H to read as follows: |
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SUBCHAPTER H. PAYMENT OF DAMAGES FOR MOTOR VEHICLE LOSSES |
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Sec. 1952.351. APPLICABILITY OF SUBCHAPTER. This |
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subchapter applies to an insurer writing automobile insurance in |
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this state, including an insurance company, reciprocal or |
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interinsurance exchange, mutual insurance company, capital stock |
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company, county mutual insurance company, Lloyd's plan, or other |
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entity. |
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Sec. 1952.352. DETERMINATION OF VALUE. (a) An insurer that |
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pays damages for a motor vehicle that has been declared a total loss |
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shall determine the value of the motor vehicle at the time of loss |
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using a version of a compilation approved by the public counsel of |
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the office of public insurance counsel under Subsection (b). |
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(b) The public counsel of the office of public insurance |
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counsel by rule shall approve a list of nationally recognized |
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compilations, including electronic databases, that present fair |
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and representative retail values of motor vehicles in this state. |
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SECTION 3. Section 1952.352, Insurance Code, as added by |
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this Act, applies only to an insurance policy that is delivered, |
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issued for delivery, or renewed on or after January 1, 2014. A |
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policy delivered, issued for delivery, or renewed before January 1, |
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2014, is governed by the law as it existed immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 4. This Act takes effect September 1, 2013. |