By: Bonnen of Brazoria H.B. No. 3009
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the use of assets of the Texas Windstorm Insurance
  Association.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Sec. 2210.071.  PAYMENT OF EXCESS LOSSES;
  PAYMENT FROM RESERVES AND TRUST FUND. (a)  If, in a calendar 
  [catastrophe] year, an occurrence or series of occurrences in a
  catastrophe area results in insured losses, including loss
  adjustment expenses, and operating expenses of the association in
  excess of premium and other revenue of the association, the excess
  losses, including loss adjustment expenses, and operating expenses
  shall be paid as provided by this subchapter.
         (b)  The association shall pay losses in excess of that
  calendar year's premium and other revenue of the association from
  available reserves of the association and available amounts in the
  catastrophe reserve trust fund.
         (c)  Losses not paid under Subsection (b) shall be paid from
  the proceeds from public securities issued in accordance with this
  subchapter and Subchapter M and, notwithstanding Subsection (a),
  may be paid from the proceeds of public securities issued under
  Section 2210.072(a) before an occurrence or series of occurrences
  that results in insured losses.
         (d)  If additional losses, including loss adjustment
  expenses, related to prior calendar years are recognized, the
  current year's premium and other revenue must not be used to satisfy
  the additional losses, including loss adjustment expenses.
         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, 2013.