Bill: SB 1070, 85(R) - 2017
Committee
Senate Business & Commerce
Companion Bill
HB 2491
Vote Recommendation
Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Author(s)
Kelly Hancock
Bill Caption
Relating to authorized reinsurance and financial statement credit and accounting for reinsurance.
Fiscal Notes
From the LBB: no significant fiscal implication to the state is anticipated.
Bill Analysis
SB 1070 would amend the Insurance Code to allow an insurer to provide reinsurance on any line of insurance. Next, credit would be allowed when reinsurance is ceded to an assuming insurer that meets a series of regulations. Associations may become certified reinsurers as well if they meet established requirements. Third, the Commissioner of Insurance would develop a list of qualified jurisdictions where an insurer must be licensed to be considered for certification as a reinsurer. Finally, the commissioner would be required to assign financial strength ratings to each certified reinsurer.
Vote Recommendation Notes
This legislation is procedural or administrative in nature with no bearing on our liberty principles, therefore we remain neutral.
Organizations Supporting
American Insurance Association
Liberty Mutual
Reinsurance Association of America
Texas Association of Health Plans
Texas Association of Life and Health Insurers
USAA
Voya Financial Services