Bill Text: TX SB147 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to prior approval of residential property insurance rates of certain insurers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-01-31 - Referred to Business & Commerce [SB147 Detail]
Download: Texas-2011-SB147-Introduced.html
| 82R1861 AJA-D | ||
| By: Hinojosa | S.B. No. 147 | |
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| relating to prior approval of residential property insurance rates | ||
| of certain insurers. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter D, Chapter 2251, Insurance Code, is | ||
| amended by adding Section 2251.1511 to read as follows: | ||
| Sec. 2251.1511. PRIOR APPROVAL FOR CERTAIN RESIDENTIAL | ||
| PROPERTY INSURANCE RATES. (a) An insurer may not use a rate for | ||
| residential property insurance until the rate and all other | ||
| information required by Section 2251.101 have been filed with the | ||
| department and the rate has been approved by the commissioner if the | ||
| insurer, together with any of the insurer's affiliates and | ||
| subsidiaries, as those terms are defined by Section 823.003, issued | ||
| personal property and casualty insurance policies in this state | ||
| that accounted for at least five percent of the total amount of | ||
| premiums collected by insurers for personal property and casualty | ||
| insurance in this state in the calendar year preceding the date the | ||
| filing is required or the rate is otherwise proposed to be used. | ||
| (b) Sections 2251.151(b) and (d) apply to rates filed under | ||
| this section. | ||
| (c) Section 2251.152 does not apply to rates for which prior | ||
| approval is required by this section. | ||
| SECTION 2. Section 2251.156(a), Insurance Code, is amended | ||
| to read as follows: | ||
| (a) If the commissioner disapproves a rate filing under | ||
| Section 2251.153(a)(2) or 2251.1511, the commissioner shall issue | ||
| an order disapproving the filing in accordance with Section | ||
| 2251.103(b). | ||
| SECTION 3. The change in law made by this Act applies only | ||
| to rates for residential property insurance delivered, issued for | ||
| delivery, or renewed on or after January 1, 2012. Rates for | ||
| residential property insurance delivered, issued for delivery, or | ||
| renewed before January 1, 2012, are 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 4. This Act takes effect September 1, 2011. | ||
