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Relating to the expiration
of licenses for insurance agents and adjusters.
No fiscal implication to the State is anticipated.
SB 844 changes the laws dealing with the issuance and
renewal of licenses for insurance agents and insurance adjusters. The
legislation does this by redirecting the multiple statutes concerning licensing
into Chapter 4003 of the Insurance Code.
Should this legislation be adopted, agents and adjusters that hold multiple licenses will now
have to deal with one renewal date for all of their licenses every two years.
The bill outlines the process for establishing when a person’s multiple
licenses will need to be renewed together.
Lastly, the legislation clarifies
that a licensee is not required to complete additional continuing education hours
if a particular license extends beyond its intended expiration date.
5/21/2015 update:
No changes have been made to this bill in House committee.
First chamber recommendation:
It is difficult for Insurance
agents or adjusters, who typically hold multiple licenses, to keep all of their
licenses current and in compliance with continuing education requirements
because each license typically has its own renewal date. The process for
renewing one license can be tricky, but having to constantly navigate this
process for multiple licenses is unnecessarily time consuming for both the licensee
and the Texas Department of Insurance (TDI), which issues these licenses.
We support SB 844 because it streamlines the renewal process for licencees. The streamlined renewal process means TDI can more efficiently issue licenses. Most importantly, individuals with multiple licenses will be able to spend less time managing each license for its own separate renewal date. In other words, this bill improves the free market while simplifying the government’s regulatory authority, something that comports with our limited government principle.
In the long run limiting occupational license requirements and expanding economic freedom are the best reforms to address these issues. For now, this represents an excellent step in the right direction.
House chamber sponsor: Meyer