TITLE: Relating to the reporting of certain claims information by automobile and residential property insurers to the Texas Department of Insurance.

SUMMARY: Relating to the reporting of certain claims information by automobile and residential property insurers to the Texas Department of Insurance.

FULL TEXT:
AN ACT relating to the reporting of certain claims information by automobile and residential property insurers to the Texas Department of Insurance. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 38, Insurance Code, is amended by adding Subchapter Kto read as follows: SUBCHAPTER K. CLAIMS REPORTING BY CERTAIN INSURERS Sec. 38.501. CLAIMS REPORTING BY AUTOMOBILE OR PROPERTY INSURER. (a) In this subchapter, "insurer" means an insurance company, reciprocal or interinsurance exchange, mutual insurance company, capital stock company, county mutual insurance company, Lloyd's plan, or other legal entity engaged in the business of personal automobile insurance or residential property insurance in this state. (b) An insurer shall submit a quarterly report to the department containing the following information organized by zip code: (1) the number of claims filed with the insurer; and (2) for each claim: (A) the date the claim was filed with the insurer; (B) the date the claim was paid by the insurer; (C) the amount of loss claimed within the applicable policy limits; and (D) the amount paid by the insurer to the claimant. (c) The commissioner by rule shall adopt the form of the report required under Subsection (b). SECTION 2. Not later than December 31, 2017, the commissioner of insurance shall adopt rules to implement Subchapter K, Chapter 38, Insurance Code, as added by this Act. The rules must require that an insurance company subject to that subchapter make the initial submission of the report under that subchapter not later than the 60th day after the effective date of the rules. SECTION 3. This Act takes effect September 1, 2017.