Bill

HB 3370

85(R) - 2017
House Insurance
Senate Business & Commerce
Read Bill & Check Bill Status
House Insurance
Senate Business & Commerce
Life & Annuities Insurance

Vote Recommendation

No
  • Negative
  • Neutral
  • Neutral
  • Negative
  • Neutral

Author(s)

Tom Craddick

Sponsor(s)

Kelly Hancock

Bill Caption

Relating to certain disclosures and notices required for certain life insurance policies. 

Fiscal Notes

No significant fiscal implication to the state is anticipated.

Bill Analysis

CSHB 3370 would require that unless a change is made pursuant to a previously implemented cost of insurance schedule, if an insurer increases a non-guaranteed element in or decreases the credited interest rate for a policy after the policy’s issuance, the insurer must provide a written notice to the policy owner. The insurer would also be required to give notice to the Department of Insurance in certain cases.

Vote Recommendation Notes

This bill violates our free market and limited government principles by mandating disclosure policies for a life insurer in certain cases. For this reason, we oppose HB 3370. However, we note that the committee substitute is far less onerous than the bill was when we opposed it in the House. 

Organizations Opposed

Prudential
Texas Association of Life and Health Insurers