TITLE: Relating to the regulation of certain policy forms used for insuring certain large risks.

SUMMARY: Relating to the regulation of certain policy forms used for insuring certain large risks.

FULL TEXT:
AN ACT relating to the regulation of certain policy forms used for insuring certain large risks. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 2301.004, Insurance Code, is amended to read as follows: Sec. 2301.004. EXEMPTION FOR LARGE RISKS. Sections 2301.006, 2301.007(a) and (b), and 2301.008 do not apply to forms for use with an insured that has: (1) total insured property values of $10 [$5] million or more; (2) total annual gross revenues of $20 [$10] million or more; or (3) a total premium of $100,000 [$25,000] or more for property insurance, $100,000 [$25,000] or more for general liability insurance, or $100,000 [$50,000] or more for multiperil insurance. SECTION 2. The change in law made by this Act applies only to an insurance policy that is delivered, issued for delivery, or renewed on or after September 1, 2015. A policy delivered, issued for delivery, or renewed before September 1, 2015, is governed by the law as it existed immediately before the effective date of this Act, and that law is continued in effect for that purpose. SECTION 3. This Act takes effect September 1, 2015.