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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.
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