Bill Caption

Fiscal Notes

Bill Analysis

HB 3220 would authorize the Commissioner of Insurance to act as the group-wide supervisor for any internationally active insurance holding group that is essentially a Texas business. This bill asserts TDI's power to regulate and audit such companies preventing other international groups from claiming jurisdiction over these companies. The commissioner would be required to designate him/herself or someone else as the group-wide supervisor using a list of qualifications. Procedures for this determination would be established. The supervisor would be engaged in activities of assessing the enterprise risks within the insurance group, requesting information for assessment, and other duties. A registered insurer subject to this section would be liable for and pay the expenses of the commissioner’s administrative duties.

Vote Recommendation Notes

HB 3220 is largely procedural, codifying what is already current practice and clarifying regulatory authority. For these reasons we are neutral on the bill.