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SB 508, 64th Regular Session
Relating to a competitive rating system for motor vehicle or automobile insurance, fire insurance, and allied lines; providing for construction of and the purposes of Subchapter J of the Insurance Code; providing the scope of Subchapter J of the Insurance Code; requiring the State Board of Insurance to promulgate reasonable rules and statistical plans for gathering information from insurers and allowing the board to use rate service organizations; authorizing interchange of loss experience necessary for the application of rating plans; authorizing exchange of information and experience data with other states; authorizing consultation with other states on certain matters; providing standards for rates adopted under Subchapter J of the Insurance Code; providing rating methods to be used in determining if rates comply with rate standards; requiring the filing of rates; providing that rate filings are open to inspection; providing for board approval of a new rate or an amendment for 90 days after a rate or rate change is filed; authorizing an insurer to make and file its own rates or have it done by a rate service organization as defined in this Act; providing procedures and remedies to handle cases of noncompliance with Subchapter J of the Insurance Code; authorizing the board to require specific insurers to abide by certain filing procedures relating to licensing of labor agents as defined in the Act; relating to fees payable by applicant for license and by prospective employees; making requirements as to the applications and bonds; requiring note by surety of cancellation of bond; placing certain duties on a labor leader, and on the commissioner to carry out provisions of the Act.
Last action: Referred to subcommittee
Author: Grant Jones
Insurance--Fire, Allied Lines & Home
Insurance--Insurers & Agents
Senate Committee: Economic Development ()
March 24 1975 | April 7 1975
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