Bill Text: TX SB698 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to the refund of unearned premium for a personal automobile or residential property insurance policy.
Sponsorship: Bipartisan Bill
Status: (Passed) 2013-05-18 - Effective immediately [SB698 Detail]
Download: Texas-2013-SB698-Enrolled.html
| S.B. No. 698 | ||
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| relating to the refund of unearned premium for a personal | ||
| automobile or residential property insurance policy. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 558.002, Insurance Code, is amended by | ||
| adding Subsections (d), (e), and (f) to read as follows: | ||
| (d) An insurer shall refund the appropriate portion of any | ||
| unearned premium to the policyholder not later than the 15th | ||
| business day after the effective date of cancellation or | ||
| termination of a policy of personal automobile or residential | ||
| property insurance, as those terms are defined by Section 2301.051. | ||
| (e) Notwithstanding Subsection (d), a guaranty association | ||
| shall refund any unearned premium as described by Subchapter E, | ||
| Chapter 462, not later than the 30th business day after the date the | ||
| guaranty association receives any necessary and accurate financial | ||
| information, including supporting accounting information, required | ||
| to determine unearned premium under a policy of personal automobile | ||
| or residential property insurance, as those terms are defined by | ||
| Section 2301.051. | ||
| (f) For purposes of this section, "business day" means a day | ||
| other than a Saturday, Sunday, or holiday recognized by this state. | ||
| SECTION 2. Section 558.002, Insurance Code, as amended by | ||
| this Act, applies only to an insurance policy delivered, issued for | ||
| delivery, or renewed on or after September 1, 2013. A policy that | ||
| is delivered, issued for delivery, or renewed before September 1, | ||
| 2013, 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 immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2013. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 698 passed the Senate on | ||
| March 21, 2013, by the following vote: Yeas 31, Nays 0; and that | ||
| the Senate concurred in House amendment on May 8, 2013, by the | ||
| following vote: Yeas 30, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 698 passed the House, with | ||
| amendment, on April 25, 2013, by the following vote: Yeas 137, | ||
| Nays 0, one present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
