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HB 1921, 65th Regular Session
To provide for the establishment of an association of member insurers under the Act as a separate legal entity, the establishment of a board of directors through which such association may act, the enumeration of the powers and duties of such association and the authorization for the adoption of a plan of operation by such association; to provide that the association shall maintain accounts, by line of business, made up of funds assessed from member insurers by the Commissioner of Insurance from which the association shall make funds available for the payment of covered claims; to provide for the repayment into the appropriate account of excess funds remaining after the payment of the covered claims of an impaired insurer; to add certain definitions to the Act; to increase the percentage of recovery of unearned premiums; to clarify the definition of "covered claims" for unearned premiums; to prohibit mentioning that the guaranty Act will provide for the payment of policyholder claims in any lawsuit to recover assets of an impaired insurer; declaring certain activities to be unfair competition and unfair practices; declaring the Act severable; and declaring an emergency.
Last action: Effective in 90 days
Author: Carlyle Smith
Sponsor: Gene Jones
Session Law Chapter:
Acts 1977, 65th R.S.,ch. 845, General and Special Laws of Texas
Insurance--Insurers & Agents
Insurance--Property & Casualty
PROPERTY & CASUALTY INSURANCE GUARANTY ASSN., TEXAS
House Committee: Insurance ()
Senate Committee: Economic Development ()
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