85(R) - 2017
Property & Casualty Insurance
Relating to maximum liability limits for windstorm and hail insurance coverage provided through the Texas Windstorm Insurance Association.
From the LBB: no significant fiscal implication to the state is anticipated.
Under current law, the board of directors propose the maximum liability limits under a windstorm and hail insurance policy issued by the Texas Windstorm Insurance Association and must be approved by the Commissioner of Insurance.
HB 3509 would consider the maximum liability limits approved by the commissioner unless the commissioner disapproves or modifies the liability limits by order no later than 30 days after the date of receiving a filing. Essentially, the proposed change would become effective if the commissioner takes no action.
Vote Recommendation Notes
Changing the mechanism for approving a change to maximum liability limits does not appear to have a connection to our liberty principles, therefore we remain neutral.