Bill Text: TX HB3333 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Relating to eligibility for coverage by the Fair Access to Insurance Requirements Plan in certain areas.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2023-05-10 - Referred to Business & Commerce [HB3333 Detail]
Download: Texas-2023-HB3333-Engrossed.html
| 88R17240 SCL-F | ||
| By: Paul | H.B. No. 3333 | |
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| relating to eligibility for coverage by the Fair Access to | ||
| Insurance Requirements Plan in certain areas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2211.151, Insurance Code, is amended to | ||
| read as follows: | ||
| Sec. 2211.151. MANDATORY COVERAGE PROVIDED TO CERTAIN | ||
| INSUREDS. (a) The association shall make residential property | ||
| insurance available to each applicant in an underserved area whose | ||
| property is insurable in accordance with reasonable underwriting | ||
| standards but who, after diligent efforts, is unable to obtain | ||
| residential property insurance through the voluntary market, as | ||
| evidenced by two declinations from insurers authorized to engage in | ||
| the business of, and writing, residential property insurance in | ||
| this state. | ||
| (b) For an applicant owning residential property located | ||
| not more than four miles beyond the Texas Windstorm Insurance | ||
| Association catastrophe area designated under Section 2210.005, an | ||
| offer of coverage for the property through the voluntary market at a | ||
| cost that exceeds 110 percent of the cost for an association policy | ||
| providing equivalent coverage of residential property with similar | ||
| rating characteristics, including size, elevation, age, and | ||
| construction standards, is considered a declination for purposes of | ||
| establishing eligibility for coverage under Subsection (a). | ||
| SECTION 2. 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, 2023. | ||
