(a) In this section, “property insurance” means a commercial or residential insurance policy prescribed or approved by the department that provides coverage for windstorm and hail damage, including a Texas windstorm and hail insurance policy.
(b) The department shall assess each insurer that provides property insurance in a first tier coastal county in accordance with this section.

Terms Used In Texas Insurance Code 2210.253

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Property: means real and personal property. See Texas Government Code 311.005
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) The total assessment under this section in a state fiscal year must be in the amount estimated by the department as necessary to cover the administrative costs of the windstorm inspection program under § 2210.251 to be incurred in the first tier coastal counties in that fiscal year.
(d) The assessment must be based on each insurer’s proportionate share of the total extended coverage and other allied lines premium received by all insurers for property insurance in the first tier coastal counties in the calendar year preceding the year in which the assessment is made.
(e) The commissioner shall adopt rules to implement the assessment of insurers under this section.

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