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AN ACT
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relating to the regulation of rates for certain personal automobile |
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insurance. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2151.001(2), Insurance Code, is amended |
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to read as follows: |
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(2) "Authorized insurer" means an insurer authorized |
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by the department to write automobile liability coverage under this |
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title. The [Except as provided by Section 2251.204, the] term |
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includes [does not include] a county mutual insurance company |
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organized under Chapter 912. |
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SECTION 2. Sections 2251.003(a) and (b), Insurance Code, |
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are amended to read as follows: |
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(a) This subchapter and Subchapters B, C, and D[, and E] |
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apply to: |
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(1) an insurer to which Article 5.13 applies, other |
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than the Texas Windstorm Insurance Association, the FAIR Plan |
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Association, and the Texas Automobile Insurance Plan Association; |
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and |
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(2) except as provided by Subsection (c), a Lloyd's |
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plan, reciprocal or interinsurance exchange, and county mutual |
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insurance company with respect to the lines of insurance described |
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by Subsection (b). |
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(b) This subchapter and Subchapters B, C, and D[, and E] |
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apply to all lines of the following kinds of insurance written under |
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an insurance policy or contract issued by an insurer authorized to |
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engage in the business of insurance in this state: |
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(1) general liability insurance; |
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(2) residential and commercial property insurance, |
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including farm and ranch insurance and farm and ranch owners |
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insurance; |
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(3) personal and commercial casualty insurance, |
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except as provided by Section 2251.004; |
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(4) medical professional liability insurance; |
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(5) fidelity, guaranty, and surety bonds other than |
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criminal court appearance bonds; |
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(6) personal umbrella insurance; |
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(7) personal liability insurance; |
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(8) guaranteed auto protection (GAP) insurance; |
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(9) involuntary unemployment insurance; |
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(10) financial guaranty insurance; |
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(11) inland marine insurance; |
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(12) rain insurance; |
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(13) hail insurance on farm crops; |
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(14) personal and commercial automobile insurance; |
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(15) multi-peril insurance; and |
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(16) identity theft insurance issued under Chapter |
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706. |
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SECTION 3. Section 2251.205, Insurance Code, is transferred |
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to Subchapter C, Chapter 2251, Insurance Code, redesignated as |
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Section 2251.1025, Insurance Code, and amended to read as follows: |
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Sec. 2251.1025 [2251.205]. [APPLICATION OF] FILING |
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REQUIREMENTS FOR CERTAIN PERSONAL AUTOMOBILE [TO OTHER] INSURERS |
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WITH LESS THAN 3.5 PERCENT OF MARKET. (a) An insurer is subject to |
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the filing requirements determined by the commissioner by rule |
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under this section [Section 2251.204] if: |
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(1) the insurer, along with the insurer's affiliated |
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companies or group, issues personal automobile liability insurance |
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policies only below 101 percent of the minimum limits required by |
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Chapter 601, Transportation Code; and |
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(2) the insurer, along with the insurer's affiliated |
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companies or group, has a market share of less than 3.5 percent of |
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the personal automobile insurance market in this state. |
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(b) The commissioner by rule shall determine the |
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information required to be provided in a filing under this section. |
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SECTION 4. The following provisions of the Insurance Code |
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are repealed: |
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(1) Sections 2251.201, 2251.202, 2251.203, and |
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2251.204; and |
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(2) the heading to Subchapter E, Chapter 2251. |
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SECTION 5. This Act takes effect September 1, 2015. |
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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. 1554 passed the Senate on |
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April 30, 2015, by the following vote: Yeas 31, 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. 1554 passed the House on |
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May 19, 2015, by the following vote: Yeas 146, Nays 0, two |
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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 |