Bill Text: TX HB4354 | 2023-2024 | 88th Legislature | Engrossed


Bill Title: Relating to a mitigation and preparedness program and a fortified homes program administered by the Texas Windstorm Insurance Association.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2023-05-10 - Referred to Business & Commerce [HB4354 Detail]

Download: Texas-2023-HB4354-Engrossed.html
 
 
  By: Lozano H.B. No. 4354
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a mitigation and preparedness program and a fortified
  homes program administered by the Texas Windstorm Insurance
  Association.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2210.454, Insurance Code, is amended to
  read as follows:
         Sec. 2210.454.  MITIGATION AND PREPAREDNESS PROGRAM
  [PLAN].  (a)  Subject to a plan approved by the [The] commissioner,
  the association may administer [shall annually develop and
  implement] a mitigation and preparedness program [plan].
         (b)  Each [state fiscal] year, the association [department]
  may fund the mitigation and preparedness program [plan] using money
  from the catastrophe reserve trust fund not to exceed $500,000
  annually [available funds].
         (c)  The association must design the mitigation and
  preparedness program [plan must provide for actions to be taken in
  the seacoast territory by the commissioner, or by a local
  government, state agency, educational institution, or nonprofit
  organization designated by the commissioner in the plan, to
  implement programs] to:
               (1)  improve preparedness for windstorm and hail
  catastrophes; and
               (2)  reduce potential losses in the event of such a
  catastrophe[; and
               [(3)  provide research into the means to:
                     [(A)  reduce those losses;
                     [(B)  educate or inform the public in determining
  the appropriateness of particular upgrades to structures; or
                     [(C)  protect infrastructure from potential
  damage from those catastrophes].
         (d)  Money [in excess of $1 million] may not be used under
  this section if the commissioner determines that an expenditure [of
  investment income] from the trust fund would jeopardize the
  actuarial soundness of the association [fund] or materially impair
  the ability of the association [fund] to serve the state purposes
  for which the association [fund] was established.
         SECTION 2.  Subchapter J, Chapter 2210, Insurance Code, is
  amended by adding Section 2210.456 to read as follows:
         Sec. 2210.456.  FORTIFIED HOMES PROGRAM. (a)  Subject to a
  plan approved by the commissioner, the association may administer a
  fortified homes program.
         (b)  Each year, the association may fund the fortified homes
  program using money from the catastrophe reserve trust fund not to
  exceed $500,000 annually.
         (c)  The fortified homes program must be designed to:
               (1)  improve preparedness for windstorm and hail
  catastrophes; and
               (2)  reduce potential losses in the event of such a
  catastrophe.
         (d)  Money may not be used under this section if the
  commissioner determines that an expenditure from the trust fund
  would:
               (1)  jeopardize the actuarial soundness of the
  association; or
               (2)  materially impair the ability of the association
  to serve the state purposes for which the association was
  established.
         SECTION 3.  This Act takes effect September 1, 2023.
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