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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.
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