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Summary: In 2011, the Texas Legislature passed insurance reform to match the federal National Association of Insurance Commissioners (NAIC) Model Act. The intent at the time was require insurance companies to provide more information to regulators about potential risks and the holding company system. That NAIC model has since been revised and HB 3460 would reflect these changes. HB 3460 would allow insurance companies to identify specific information reportable to the Texas Department of Insurance the insurance company wishes to keep confidential. This would prohibit the TDI from sharing the information with federal or other state agencies.
Analysis: HB 3460 helps insurance companies protect their sensitive information. It would loosen regulations by allowing the companies to have more control over which information TDI is allowed to share. If the insurance companies feel more secure in this regard, they can better serve the individuals and companies that they insure. Passage of this bill may also make Texas a more desirable state to conduct business in and encourage insurance companies to move more jobs to Texas.