Bill Text: TX HB769 | 2021-2022 | 87th Legislature | Enrolled
Bill Title: Relating to the administration of the Texas Windstorm Insurance Association.
Spectrum: Slight Partisan Bill (Republican 5-3)
Status: (Passed) 2021-06-15 - Effective on 9/1/21 [HB769 Detail]
Download: Texas-2021-HB769-Enrolled.html
| H.B. No. 769 | ||
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| relating to the administration of the Texas Windstorm Insurance | ||
| Association. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter H, Chapter 2210, Insurance Code, is | ||
| amended by adding Section 2210.3512 to read as follows: | ||
| Sec. 2210.3512. REQUIREMENT FOR VOTE ON RATE FILING. The | ||
| board of directors may not vote on a proposed rate increase if: | ||
| (1) there is a vacancy on the board; and | ||
| (2) the vacancy has existed for at least 60 days at the | ||
| time the vote is to be taken. | ||
| SECTION 2. The heading to Section 2210.453, Insurance Code, | ||
| is amended to read as follows: | ||
| Sec. 2210.453. FUNDING LEVELS; REINSURANCE AND ALTERNATIVE | ||
| RISK FINANCING MECHANISMS; REINSURANCE FROM CERTAIN INSURER OR | ||
| BROKER PROHIBITED. | ||
| SECTION 3. Section 2210.453, Insurance Code, is amended by | ||
| adding Subsection (f) to read as follows: | ||
| (f) The association may not purchase reinsurance under this | ||
| section from an insurer or broker involved in the execution of a | ||
| catastrophe model on which the association relies in: | ||
| (1) determining the probable maximum loss applicable | ||
| for the period covered by the reinsurance; or | ||
| (2) adopting rates under Section 2210.355. | ||
| SECTION 4. The Texas Department of Insurance shall amend | ||
| the Texas Windstorm Insurance Association's plan of operation to | ||
| conform to the changes in law made by this Act not later than the | ||
| 60th day after the effective date of this Act. | ||
| SECTION 5. This Act takes effect September 1, 2021. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 769 was passed by the House on April | ||
| 30, 2021, by the following vote: Yeas 120, Nays 9, 1 present, not | ||
| voting; and that the House concurred in Senate amendments to H.B. | ||
| No. 769 on May 29, 2021, by the following vote: Yeas 127, Nays 14, | ||
| 1 present, not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 769 was passed by the Senate, with | ||
| amendments, on May 25, 2021, by the following vote: Yeas 22, Nays | ||
| 9. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: __________________ | ||
| Date | ||
| __________________ | ||
| Governor | ||
