H.B.
259
INSURANCE AMENDMENTS
House Committee
Amendments
Amendment 1 January 31, 2013 1:33 PM
Representative Jim Bird
proposes the following amendments:
1. Page
2, Lines 28 through 35
:
28
(2) For an errors and omissions policy issued on or after May 14, 2013
{
,
}
:
(a)
the
29
policyholder may cancel the errors and omissions insurance policy before its expiration or
30
renewal date
according to the procedure for cancellation set forth in the errors and omissions policy;
and
(b) an insurer may not issue an errors and omissions policy that has fully earned premium upon
issuance of the errors and omissions policy
.
31
(3) If the errors and omissions insurance policy is cancelled as provided in Subsection
32
(2), the insurer shall refund the unearned premium to the policyholder minus any charge
33
imposed by the insurer.
34
{
(4) The insurer shall pay the amount due under Subsection (3) by no later than 30 days
35
from the day on which the errors and omissions insurance policy is cancelled.
}
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LRGC
powen
powen
M 01/29/13 2:32p