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AN ACT
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relating to the provision of flood coverage under insurance |
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policies issued by surplus lines insurers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 981.004, Insurance Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) Subsections (a)(1) and (b) do not apply to flood |
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coverage under an insurance policy issued by an eligible surplus |
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lines insurer that has a financial strength rating of A- or better |
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from the A. M. Best Company. |
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SECTION 2. Section 981.004(e), Insurance Code, as added by |
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this Act, applies only to an insurance policy delivered, issued for |
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delivery, or renewed on or after January 1, 2020. A policy |
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delivered, issued for delivery, or renewed before January 1, 2020, |
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is governed by the law as it existed immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 3. This Act takes effect September 1, 2019. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1306 was passed by the House on April |
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18, 2019, by the following vote: Yeas 147, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1306 was passed by the Senate on May |
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21, 2019, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |