Bills / H.B. 562
H.B. 562 Homeowners Insurance Amendments
- Introduced
- House committee (stopped here)
- House vote
- Senate committee
- Senate vote
- Signed into law
What this bill does
According to the official description, this bill:
- defines terms
- enacts the Access to Insurance Plan Act
- creates the Access to Insurance Plan Association as an independent state agency
- requires each admitted insurer that writes property insurance in the state to participate in the association as a condition of transacting business
- requires the association to establish and operate a residual market property insurance plan (fair plan)
- authorizes the fair plan to provide residential and commercial property insurance when coverage is not available in the admitted market
- establishes governance of the association by a board of directors that the governor appoints
- requires the board to adopt and submit a plan of operation to the insurance commissioner for approval
- establishes requirements for rates, underwriting standards, coverage limits, and policy forms under the fair plan
- requires an applicant to demonstrate that at least three admitted insurers declined coverage before obtaining coverage through the fair plan
- authorizes the association to assess member insurers to fund startup costs and ongoing financial obligations
- authorizes member insurers to recover certain assessments through policyholder surcharges
- grants the insurance commissioner oversight, enforcement authority, and rulemaking authority
- provides for judicial review of final administrative actions
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