As the end of the year approaches, SLTX would like to reflect on Legislative updates for 2021.
The Wholesale & Specialty Insurance Association (WSIA) recalls that the Texas Department of Insurance (TDI) issued Bulletin No. B-0022-21 earlier this year. The changes related to SB 1367 became effective for insurance policies delivered, issued for delivery, or renewed on or after September 1, 2021. For more information regarding this change, please refer to the Diligent Effort Updates infographic or Diligent Effort page on our website.
The National Flood Insurance Program (NFIP) also underwent an additional extension from December 3, 2021, to February 18, 2022. This will be the eighteenth short-term extension since 2017.
For more information on State, Federal, and NAIC Legislative Updates, please visit the WSIA website.
The 87th Legislature passed Senate Bill 1367, which makes changes to certain lines of insurance. The changes are effective on or after September 1, 2021, for an insurance policy that is delivered, issued for delivery, or renewed.
The bill eliminates rate and form filing requirements for certain lines of commercial insurance. These exempt lines can be found on Commissioner’s Bulletin # B-0022-21.
The House Financial Services Committee met Thursday, June 15, 2017, to mark-up bills that could reauthorize and reform the National Flood Insurance Program (NFIP). The program, which provides almost 5 million flood insurance policies, is set to expire on September 30, 2017, unless it is reauthorized by Congress.
Seven (7) bills have been introduced to address the NFIP, and two (2) of the bills, H.R. 2868 (the National Flood Insurance Program Policyholder Protection Act of 2017) and H.R. 2874 (the 21st Century Flood Reform Act of 2017), were passed by the committee during the markup. An additional meeting will be held Wednesday, June 21, 2017, to mark-up the remaining five (5) bills.
The passage of these reforms could create new opportunities for private sector insurers. This may positively impact the excess and surplus lines industry by allowing surplus lines insurers to open and expand their business in the flood market.