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Relating to the approval of insurance companies to provide certain structured settlement annuity contracts.
No significant fiscal implication to the State is anticipated.
HB 3771 would change the factors the court can consider when approving an insurance company for purposes of providing certain structured settlement annuity contracts. More specifically, this bill would allow for consideration of an issuer credit rating equivalent to a National Association of Insurance Commissioners (NAIC) 1 designation from a national or international rating agency that: (1) has registered with the federal Securities and Exchange Commission; (2) is designated as a nationally-recognized statistical rating organization; and (3) is on the list of Credit Rating Providers by the Securities Valuation Office of the NAIC.
Texas Action is neutral on HB 3771 as it does not affect our liberty principles.