HB 1306 Passes Senate Committee
A bill that would allow flood coverage to be exported to the surplus lines market in Texas, HB 1306, has been reported favorably by the Texas Senate Business and Commerce Committee without amendments, by a vote of 8-0, with 1 member absent.
During a committee meeting on Tuesday, May 7, 2019, Sen. Kelly Hancock, Chair of the Business and Commerce Committee, noted that there are limits on the sale of flood policies in the surplus lines market if an admitted carrier offers the same product.
“In the past few years, there have been a number of flood events in Texas that continue to underscore the importance of flood insurance protections,” Hancock said. “The bill will provide another tool for Texans to be able to access the coverage, if they choose, by allowing qualified surplus lines insurers to provide flood insurance coverage.”
The bill’s committee report has been distributed, but it has not yet been scheduled for a floor reading in the full Senate.