Texas Insurance Code - Not Codified - Article 5.13-2C. Exemptions Form Rate Filing And Approval Requirements
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Art. 5.13-2C. EXEMPTIONS FORM RATE FILING AND APPROVAL
REQUIREMENTS.
Article repealed effective April 1, 2007
Definitions
Sec. 1. In this article:
(1) "Insurer" means an insurance company, reciprocal or
interinsurance exchange, mutual insurance company, capital stock
company, county mutual insurance company, Lloyd's plan, or other
legal entity authorized to write residential property insurance in
this state. The term includes an affiliate, as described by this
code, if that affiliate is authorized to write residential property
insurance.
(2) "Residential property insurance" means insurance
coverage against loss to real or tangible personal property at a
fixed location that is provided through a homeowners policy,
including a tenants policy, a condominium owners policy, or a
residential fire and allied lines policy.
Applicability
Sec. 2. (a) Except as provided by Subsection (b) of this
section, this article applies only to an insurer that, during the
calendar year preceding the date filing is otherwise required under
Article 5.13-2 or 5.142 of this code, issued residential property
insurance policies in this state that accounted for less than two
percent of the total amount of premiums collected by insurers for
residential property insurance policies issued in this state, more
than 50 percent of which cover property:
(1) valued at less than $100,000; and
(2) located in an area designated by the commissioner as
underserved for residential property insurance under Article
5.35-3 of this code.
(b) If an insurer described by Subsection (a) of this
section is a member of an affiliated insurance group, this article
applies to the insurer only if the total aggregate premium
collected by the group accounts for less than two percent of the
total amount of premiums collected by insurers for residential
property insurance policies issued in this state.
Exemption
Sec. 3. (a) Except as provided by Subsection (b) of this
section, an insurer described by Section 2 of this article is exempt
from the rate filing and approval requirements of Article 5.142 and
of Article 5.13-2 of this code.
(b) An insurer described by Section 2 of this article that
proposes to increase the premium rates charged policyholders for a
residential property insurance product by 10 percent or more than
the amount the insurer charged policyholders for the same or an
equivalent residential property insurance product during the
preceding calendar year must file the insurer's proposed rates in
accordance with Article 5.142 or 5.13-2 of this code, as
applicable, and obtain approval of the proposed rates as provided
by the applicable article.
(c) Except as provided by Subsection (b) of this section,
Article 5.142 of this code does not apply to an insurer described by
Section 2 of this article.
Added by Acts 2003, 78th Leg., ch. 206, Sec. 7.01, eff. June 11,
2003.
Article: 5.09 5.10 5.11 5.12-1 5.13 5.13-1 5.13-2 5.13-2C 5.14 5.15-1 5.15-2 5.15-3 5.15-4 5.18 5.19
Last modified: August 11, 2007
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