TITLE: Relating to rate filings by the Texas Windstorm Insurance Association.

SUMMARY: Relating to rate filings by the Texas Windstorm Insurance Association.

FULL TEXT:
AN ACT relating to rate filings by the Texas Windstorm Insurance Association. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 2210.351(d), Insurance Code, is amended to read as follows: (d) The association may use a rate filed by the association without prior commissioner approval if: (1) the filing is made not later than the 30th day before the date of any use or delivery for use of the rate; (2) the filed rate does not exceed 102 [105] percent of the rate in effect on the date on which the filing is made; (3) the filed rate does not reflect a rate change for an individual rating class that is more than two [10] percent higher than the rate in effect for that rating class on the date on which the filing is made; and (4) the commissioner has not disapproved the filing in writing, advising of the reasons for the disapproval and the criteria the association is required to meet to obtain approval. SECTION 2. Section 2210.352(a-1), Insurance Code, is amended to read as follows: (a-1) The association may use a rate filed by the association under this section without prior commissioner approval if: (1) the filing is made not later than the 30th day before the date of any use or delivery for use of the rate; (2) the filed rate does not exceed 102 [105] percent of the rate used by the association in effect on the date on which the filing is made; and (3) the filed rate does not reflect a rate change for an individual rating class that is more than two [10] percent higher than the rate in effect for that rating class on the date on which the filing is made. SECTION 3. The change in law made by this Act applies only to a rate filed by the Texas Windstorm Insurance Association with the Texas Department of Insurance on or after the effective date of this Act. A rate filed with the Texas Department of Insurance before the effective date of this Act is governed by the law as it existed immediately before that date, and that law is continued in effect for that purpose. SECTION 4. This Act takes effect December 1, 2019.