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TX SB474
TX SB474Relating to the minimum motor vehicle liability insurance coverage requirement for damage to or destruction of property of others.
summary
Introduced
01/17/2023
01/17/2023
In Committee
02/17/2023
02/17/2023
Crossed Over
Passed
Dead
05/29/2023
05/29/2023
Introduced Session
88th Legislature Regular Session
Bill Summary
Relating to the minimum motor vehicle liability insurance coverage requirement for damage to or destruction of property of others.
AI Summary
This bill amends the Transportation Code to increase the minimum required motor vehicle liability insurance coverage for damage to or destruction of property of others from $25,000 to $50,000, effective January 1, 2024. The new minimum coverage requirement applies to insurance policies delivered, issued, or renewed on or after that date, while the previous $25,000 requirement remains in effect for policies before January 1, 2024. The bill is scheduled to take effect on September 1, 2023.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to Business & Commerce (on 02/17/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Insurance Regulation
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=SB474 | 01/17/2023 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/SB00474I.htm | 01/17/2023 |
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