Bill Text: TX HB5144 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to arbitration provisions in surplus lines insurance contracts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-24 - Referred to Insurance [HB5144 Detail]
Download: Texas-2023-HB5144-Introduced.html
| 88R7327 JES-D | ||
| By: A. Johnson of Harris | H.B. No. 5144 | |
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| 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) A surplus lines insurance contract that contains an | ||
| arbitration agreement must provide that: | ||
| (1) the arbitration will be: | ||
| (A) conducted in this state; and | ||
| (B) governed by the laws of this state; and | ||
| (2) the insurance contract will be interpreted in | ||
| accordance with the laws 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. A surplus lines insurance contract delivered, issued for | ||
| delivery, or renewed before January 1, 2024, 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, 2023. | ||
