Bill Text: TX SB1554 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to the regulation of rates for certain personal automobile insurance.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2015-06-01 - Effective on 9/1/15 [SB1554 Detail]
Download: Texas-2015-SB1554-Enrolled.html
S.B. No. 1554 |
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relating to the regulation of rates for certain personal automobile | ||
insurance. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2151.001(2), Insurance Code, is amended | ||
to read as follows: | ||
(2) "Authorized insurer" means an insurer authorized | ||
by the department to write automobile liability coverage under this | ||
title. The [ |
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includes [ |
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organized under Chapter 912. | ||
SECTION 2. Sections 2251.003(a) and (b), Insurance Code, | ||
are amended to read as follows: | ||
(a) This subchapter and Subchapters B, C, and D[ |
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apply to: | ||
(1) an insurer to which Article 5.13 applies, other | ||
than the Texas Windstorm Insurance Association, the FAIR Plan | ||
Association, and the Texas Automobile Insurance Plan Association; | ||
and | ||
(2) except as provided by Subsection (c), a Lloyd's | ||
plan, reciprocal or interinsurance exchange, and county mutual | ||
insurance company with respect to the lines of insurance described | ||
by Subsection (b). | ||
(b) This subchapter and Subchapters B, C, and D[ |
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apply to all lines of the following kinds of insurance written under | ||
an insurance policy or contract issued by an insurer authorized to | ||
engage in the business of insurance in this state: | ||
(1) general liability insurance; | ||
(2) residential and commercial property insurance, | ||
including farm and ranch insurance and farm and ranch owners | ||
insurance; | ||
(3) personal and commercial casualty insurance, | ||
except as provided by Section 2251.004; | ||
(4) medical professional liability insurance; | ||
(5) fidelity, guaranty, and surety bonds other than | ||
criminal court appearance bonds; | ||
(6) personal umbrella insurance; | ||
(7) personal liability insurance; | ||
(8) guaranteed auto protection (GAP) insurance; | ||
(9) involuntary unemployment insurance; | ||
(10) financial guaranty insurance; | ||
(11) inland marine insurance; | ||
(12) rain insurance; | ||
(13) hail insurance on farm crops; | ||
(14) personal and commercial automobile insurance; | ||
(15) multi-peril insurance; and | ||
(16) identity theft insurance issued under Chapter | ||
706. | ||
SECTION 3. Section 2251.205, Insurance Code, is transferred | ||
to Subchapter C, Chapter 2251, Insurance Code, redesignated as | ||
Section 2251.1025, Insurance Code, and amended to read as follows: | ||
Sec. 2251.1025 [ |
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REQUIREMENTS FOR CERTAIN PERSONAL AUTOMOBILE [ |
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WITH LESS THAN 3.5 PERCENT OF MARKET. (a) An insurer is subject to | ||
the filing requirements determined by the commissioner by rule | ||
under this section [ |
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(1) the insurer, along with the insurer's affiliated | ||
companies or group, issues personal automobile liability insurance | ||
policies only below 101 percent of the minimum limits required by | ||
Chapter 601, Transportation Code; and | ||
(2) the insurer, along with the insurer's affiliated | ||
companies or group, has a market share of less than 3.5 percent of | ||
the personal automobile insurance market in this state. | ||
(b) The commissioner by rule shall determine the | ||
information required to be provided in a filing under this section. | ||
SECTION 4. The following provisions of the Insurance Code | ||
are repealed: | ||
(1) Sections 2251.201, 2251.202, 2251.203, and | ||
2251.204; and | ||
(2) the heading to Subchapter E, Chapter 2251. | ||
SECTION 5. This Act takes effect September 1, 2015. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 1554 passed the Senate on | ||
April 30, 2015, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 1554 passed the House on | ||
May 19, 2015, by the following vote: Yeas 146, Nays 0, two | ||
present not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |