Current through Reg. 50, No. 13; March 28, 2025
(a) Purpose and
Scope of this Section. Adopted pursuant to Texas Civil Statutes, Article
6252-33, which governs State Agency Advisory Committees, the purpose of this
section is to specify the purpose, task, reporting requirements, membership
composition, and duration of the Residential Property Insurance Market
Assistance Program Executive Committee (the Executive Committee), which
operates pursuant to the Insurance Code, Article 21.49-12.
(b) Purpose of the Executive Committee. The
purpose of the Executive Committee is to assist the Commissioner in the
administration of the Residential Property Insurance Market Assistance Program
(MAP) as authorized by the Insurance Code, Article 21.49-12.
(c) Tasks. The tasks of the Executive
Committee are specified in the Insurance Code, Article 21.49-12, and include
those tasks specified in the following paragraphs (1)-(7).
(1) The Executive Committee shall develop and
submit a MAP plan of operation to the Commissioner for consideration of
adoption by rule.
(2) The Executive
Committee shall advise and consult with the Commissioner in the administration
of the MAP.
(3) The Executive
Committee shall review the demand for and performance of the MAP six months
following the approval of the plan of operation, and at least annually
thereafter as necessary, and report to the Commissioner as to the necessity for
continued operation of a voluntary MAP, need for establishment of a mandatory
MAP, or the need for establishment of a FAIR Plan pursuant to the Insurance
Code, Article 21.49A, or make other recommendations to the Commissioner that
the Executive Committee deems appropriate.
(4) The Executive Committee may advise the
Commissioner on the need for subcommittees to carry out MAP
functions.
(5) The Executive
Committee shall advise the Commissioner on what information is needed for the
Executive Committee's periodic review of the MAP.
(6) The Executive Committee may advise the
Commissioner on any other rules in addition to the plan of operation that are
needed to implement the MAP.
(7)
The Executive Committee shall perform other tasks as requested by the
Commissioner pursuant to the Insurance Code, Article 21.49-12.
(d) Reporting Requirements. The
reporting requirements of the Executive Committee are specified in the
Insurance Code, Article 21.49-12, and include those requirements outlined in
the following paragraphs (1)-(3).
(1) The
Executive Committee shall, within 180 days following the August 28, 1995,
effective date of Article 21.49-12, develop and submit the MAP plan of
operation to the Commissioner for consideration for adoption by rule.
(2) The Executive Committee shall review the
demand for and performance of the program six months following the approval of
the plan of operation, and at least annually thereafter as necessary, and
report to the Commissioner as to the necessity for continued operation of a
voluntary MAP, need for establishment of a mandatory MAP, or the need for
establishment of a FAIR Plan pursuant to the Insurance Code, Article 21.49A, or
make other recommendations to the Commissioner that the Executive Committee
deems appropriate.
(3) The
Executive Committee shall provide, at the time as requested by the
Commissioner, any other reports or information requested by the Commissioner
and necessary to the Commissioner for the implementation of the Insurance Code,
Article 21.49-12.
(e)
Membership.
(1) Appointed by the Commissioner
pursuant to the Insurance Code, Article 21.49-12, §3, the Executive
Committee is composed of 11 members: five members who represent the interests
of insurers, four public members, and two members who are licensed local
recording agents.
(2) The
Commissioner or the Commissioner's designated representative shall be an ex
officio member of the Executive Committee and must be present in every meeting
of the Executive Committee.
(3) Any
appointee resigning from the Executive Committee shall be replaced by the
Commissioner with another appointee representing the same constituency as the
resigning appointee.
(f)
Duration. Pursuant to the Insurance Code, Article 21.49-12, §6(b), the MAP
program shall be terminated only upon approval of the Commissioner of
Insurance, but in no event earlier than 48 months following the commencement
date of the initial plan of operation. Termination of the MAP shall constitute
termination of the membership and operation of the Executive
Committee.
