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