TITLE: Relating to the insurance requirement applicable to a guard company license.

SUMMARY: Relating to the insurance requirement applicable to a guard company license.

FULL TEXT:
AN ACT relating to the insurance requirement applicable to a guard company license. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1702.124, Occupations Code, is amended by amending Subsection (c) and adding Subsection (c-1) to read as follows: (c) Except as provided by Subsection (c-1), the [The] insurance policy must contain minimum limits of: (1) $100,000 for each occurrence for bodily injury and property damage; (2) $50,000 for each occurrence for personal injury; and (3) a total aggregate amount of $200,000 for all occurrences. (c-1) If the application is for a license to act as a guard company, the insurance policy must contain minimum limits of: (1) $1 million for each occurrence for bodily injury and property damage; (2) $1 million for each occurrence for personal injury; and (3) a total aggregate amount of $2 million for all occurrences. SECTION 2. The change in law made by this Act applies only to an applicant for or holder of a license under Chapter 1702, Occupations Code, on or after January 1, 2018. SECTION 3. This Act takes effect September 1, 2017.