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Relating to regulation of the pledge or encumbrance of an insurer's assets under the Asset Protection Act.
No significant fiscal implication to the State is anticipated.
HB 3754 would require the calculation of an insurer's quantitative limits in unencumbered assets maintained in an amount equal to the insurer’s policy reserve liabilities and assets pledged or otherwise encumbered, which cannot exceed the amount of the insurer’s capital and surplus or 10% of the insurer's reserve assets, to be based on the statutory financial statements for the insurer most recently filed with the department of insurance as of the date of determination of compliance.
As HB 3754 makes updates to existing regulations but does not appear to conflict with our liberty principles by adding net new or overly burdensome regulations. For these reasons, Texas Action remains neutral on HB 3754.
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