TX SB1246

Creates the Texas Automobile Insurance Public Option, a publicly administered auto insurance program established and run by the Texas Department of Insurance in consultation with the Texas Comptroller and Texas Transportation Commission

Opens eligibility to all Texas residents required to carry auto insurance who meet residency and vehicle registration requirements, with annual enrollment periods and special enrollment for qualifying life events like vehicle purchase or loss of private coverage

Requires coverage meeting or exceeding Texas minimum liability requirements, with optional additional coverage including uninsured/underinsured motorist coverage and personal injury protection, plus a sliding scale premium structure for low-income policyholders

Funds the program through policyholder premiums supplemented by state funding and grants, with a reserve fund established to ensure long-term financial sustainability and claims-paying capacity

Mandates biennial studies assessing the program's impact on the auto insurance market, premium rates, consumer satisfaction, and uninsured motorist rates, with the program operating alongside private insurers to foster competition