Bill Text: TX SB1283 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to reciprocity requirements for nonresident insurance agents to offer or sell insurance policies issued by the Texas Windstorm Insurance Association.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-13 - Referred to Business & Commerce [SB1283 Detail]
Download: Texas-2017-SB1283-Introduced.html
85R7473 SMT-D | ||
By: Creighton | S.B. No. 1283 |
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relating to reciprocity requirements for nonresident insurance | ||
agents to offer or sell insurance policies issued by the Texas | ||
Windstorm Insurance Association. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2210.152(a), Insurance Code, is amended | ||
to read as follows: | ||
(a) The plan of operation must: | ||
(1) provide for the efficient, economical, fair, and | ||
nondiscriminatory administration of the association; and | ||
(2) include: | ||
(A) a plan for the equitable assessment of the | ||
members of the association to defray losses and expenses; | ||
(B) underwriting standards; | ||
(C) procedures for accepting and ceding | ||
reinsurance; | ||
(D) procedures for obtaining and repaying | ||
amounts under any financial instruments authorized under this | ||
chapter; | ||
(E) procedures for determining the amount of | ||
insurance to be provided to specific risks; | ||
(F) time limits and procedures for processing | ||
applications for insurance; | ||
(G) a requirement that a nonresident agent | ||
licensed under Section 4056.052 may not offer or sell a Texas | ||
windstorm and hail insurance policy under this chapter unless the | ||
nonresident agent's state of residence authorizes a resident agent | ||
licensed in this state to act in the nonresident agent's state as an | ||
agent for that state's residual insurer of last resort for | ||
windstorm and hail insurance; and | ||
(H) [ |
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necessary by the department to implement the purposes of this | ||
chapter. | ||
SECTION 2. This Act takes effect January 1, 2018. |