The Surplus Lines Stamping Office of Texas (SLTX) reported that several bills that would affect the surplus lines insurance industry in the state have advanced in the state Legislature.
HB 1940, relating to the eligibility of surplus lines insurers to provide windstorm and hail coverage, despite available coverage by the Texas Windstorm Insurance Association (TWIA), was passed by the Texas House of Representatives April 12 and sent to the Senate for consideration.
Its companion bill in the Senate, SB 2444, was referred to the Business & Commerce Committee, but as of April 18 had not been heard by the committee.
HB 1648, which provides that a surplus lines insurance contract containing an arbitration clause must specify that the arbitration will be conducted in Texas and governed by Texas law. In addition, the insurance contract will be interpreted in accordance with state law. The bill was on the agenda for a public hearing held by the House Insurance Committee on April 16.
HB 1306, a bill that would create a diligent effort exclusion for flood insurance in the surplus lines market, was considered by the House on April 18. The legislation was reported favorably by committee on April 10, according to SLTX.
Source: SLTX
Topics Texas Excess Surplus
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