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No fiscal implication to the State is anticipated.
HB 3514 would amend Section 853.154 (Requirements for Acquisition or Exercise of Control or Divestiture of Domestic Insurer) of the Insurance Code. Currently, a person or entity must provide a notice or statement to the commissioner of insurance regarding the acquisition, change of control, or divestiture of a domestic insurer. HB 3514 would require this notice or statement to be public information subject to Chapter 552 of the Government Code.
We stand neutral on HB 3514 because while it does not completely protect the privacy of a Texas insurer, Chapter 552 of the Government Code provides more disclosure protections for it while still under the purview of public information.