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Texas Insurance Code - INS § 2210.455. Catastrophe Plan

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Not later than June 1 of each year, the board shall submit to the commissioner, the legislative oversight board established under Subchapter N, the governor, the lieutenant governor, and the speaker of the house of representatives a catastrophe plan covering the period beginning on the date the plan is submitted and ending on the following May 31.

(b) The catastrophe plan must:

(1) describe the manner in which the association will, during the period covered by the plan, evaluate losses and process claims after the following windstorms affecting an area of maximum exposure to the association:

(A) a windstorm with a four percent chance of occurring during the period covered by the plan;

(B) a windstorm with a two percent chance of occurring during the period covered by the plan;  and

(C) a windstorm with a one percent chance of occurring during the period covered by the plan;  and

(2) include, if the association does not purchase reinsurance under Section 2210.453 for the period covered by the plan, an actuarial plan for paying losses in the event of a catastrophe with estimated damages of $2.5 billion or more.

(c) The catastrophe plan must include a description of how losses under association policies will be paid, and how claims under association policies will be administered and adjusted, during the period covered by the plan.

(d) The catastrophe plan submitted under this section is for informational purposes only and does not bind the association to a particular course of action.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2210.455. Catastrophe Plan - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2210-455/

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