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SB 659, 63rd Regular Session
Amending the Insurance Code (Chapter 491, Acts of the 52nd Legislature, Regular Session, 1951), as heretofore amended, to clarify the Texas Catastrophe Property Insurance Pool Act, making all property insurers authorized to transact property insurance in this state subject to the provisions thereof by adding to Section 3 of Article 21.49 a definition of "insurers," specifically providing for applicability to Lloyds and to reciprocal or interinsurance exchanges and by amending Article 17.22 to make county mutual insurance companies subject to the provisions of the Texas Catastrophe Property Insurance Pool Act; amending section 5 (c) of Article 21.49 to delete certain language excluding premiums on certain property from the formula under which members of the Association participate in its writings, expenses, profits and losses, to change the word "years" to the word "year," and to provide that members having common ownership or control shall be treated as a single member for the purpose of determining participation; deleting in its entirety Paragraph (d) of Section 8 of Article 21.49 to make the establishment of a certain catastrophe reserve by the State Board of Insurance discretionary rather than mandatory; providing for severability.

Last action: 90 Day Bill

Author: A.R. "Babe" Schwartz
Sponsor: Leroy J. Wieting

Session Law Chapter:
Acts 1973, 63rd R.S.,ch. 406, General and Special Laws of Texas

Subjects:
Insurance--Insurers & Agents
Insurance--Property & Casualty

House Committee: Insurance ()
Minutes: April 17 1973
Senate Committee: Economic Development ()
Minutes: April 2 1973

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