Bill Text: TX HB3373 | 2013-2014 | 83rd Legislature | Introduced

Texas House Bill 3373 (Prior Session Legislation)

Introduced

Bill Title: Relating to the payment of insured losses of the Texas Windstorm Insurance Association and funding of the catastrophe reserve trust fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-04-16 - Left pending in committee [HB3373 Detail]

Download: Texas-2013-HB3373-Introduced.html

	83R8486 TJS-D

	By: Bonnen of Galveston	H.B. No. 3373



	A BILL TO BE ENTITLED
	AN ACT
	relating to the payment of insured losses of the Texas Windstorm
	Insurance Association and funding of the catastrophe reserve trust
	fund.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Sections 2210.452(a) and (c), Insurance Code,
	are amended to read as follows:
	(a) The commissioner shall adopt rules under which the
	association makes payments to the catastrophe reserve trust fund.
	The trust fund may be used only to fund the obligations of the trust
	fund under Subchapter B-1 with respect to insured losses incurred
	on or after June 1, 2013.
	(c) At the end of each calendar year or policy year, the
	association shall make payments to the trust fund in an amount
	greater than or equal to $200 million. The association may use any
	[~~the~~] net gain from operations of the association remaining after
	payments to the trust fund, including all premium and other revenue
	of the association in excess of incurred losses, operating
	expenses, public security obligations, and public security
	administrative expenses, to make additional payments to the trust
	fund or [,] to procure reinsurance[~~, or to make payments to the~~
	~~trust fund and to procure reinsurance~~].
	SECTION 2. Notwithstanding Section 2210.452(a), Insurance
	Code, as amended by this Act, the catastrophe reserve trust fund may
	be used only to fund the obligations of that trust fund under
	Subchapter B-1, Chapter 2210, Insurance Code, with respect to
	insured losses incurred on or after the earlier of June 1, 2013, or
	the effective date of this Act.
	SECTION 3. This Act takes effect immediately if it receives
	a vote of two-thirds of all the members elected to each house, as
	provided by Section 39, Article III, Texas Constitution. If this
	Act does not receive the vote necessary for immediate effect, this
	Act takes effect September 1, 2013.