Bill Text: TX SB646 | 2015-2016 | 84th Legislature | Introduced

Texas Senate Bill 646 (Prior Session Legislation)

Introduced

Bill Title: Relating to actuarial certification of title insurance company reserves.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-02-24 - Referred to Business & Commerce [SB646 Detail]

Download: Texas-2015-SB646-Introduced.html

	84R2388 PMO-F

	By: Estes	S.B. No. 646



	A BILL TO BE ENTITLED
	AN ACT
	relating to actuarial certification of title insurance company
	reserves.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 2551.256(c), Insurance Code, is amended
	to read as follows:
	(c) The reserves analyzed under this section must include
	reserves for known claims[~~, including adverse development on known~~
	~~claims,~~] and reserves for incurred but not reported claims.
	SECTION 2. The change in law made by this Act applies only
	to an insurer's annual statement required under Section 2551.152,
	Insurance Code, on or after January 1, 2016. A statement required
	before January 1, 2016, is 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 3. This Act takes effect September 1, 2015.