Relating to the regulation of funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts issued by a life insurer.
Impact
If enacted, HB 3238 would impact how life insurers are able to offer these products, ensuring that consumers are adequately informed about the terms and protections associated with funding and guaranteed investment contracts. The bill expands the definitions and regulatory environment surrounding these financial instruments, positioning them under a unified legal structure, which will help in standardizing practices among life insurance companies. This regulatory clarity is expected to protect consumers and promote fair practices within the industry.
Summary
House Bill 3238 focuses on the regulation of funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts issued by life insurers. The primary intent of the bill is to promote public welfare by clarifying and codifying existing laws regarding these financial instruments. The introduction of this legislation is designed to ensure that these contracts are governed under a clear framework, which could enhance consumer confidence in such financial products and provide better safeguards against potential issues arising from their use.
Sentiment
The general sentiment surrounding HB 3238 appears supportive, particularly from consumer advocacy groups and industry stakeholders who recognize the need for clearer regulations. Proponents argue that a standardized approach will mitigate risks associated with these financial agreements and enhance overall trust in life insurance products. However, it is essential to monitor potential concerns from certain insurers who might view additional regulations as burdensome or limiting their operational flexibility.
Contention
Notable points of contention may arise around the comprehensive nature of the regulations that could be imposed. While many stakeholders see the value in having robust regulations, some may express concerns over the potential stifling of innovation or the increased administrative costs associated with compliance. The balance between consumer protection and maintaining a competitive, innovative insurance market will likely be a key issue during discussions surrounding HB 3238.
Identical
Relating to the regulation of funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts issued by a life insurer; clarifying certain provisions relating to insurer receivership.
Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.
Relating to the regulation and voluntary licensing of reroofing contractors by the Texas Department of Licensing and Regulation; providing administrative and civil penalties; authorizing fees.
Relating to the transfer and statutory novation of insurance policies from a transferring insurer to an assuming insurer through an insurance business transfer plan; authorizing fees.
Relating to the regulation of funding agreements, guaranteed investment contracts, and synthetic guaranteed investment contracts issued by a life insurer; clarifying certain provisions relating to insurer receivership.
Requires certain public contract bid advertisements to contain certified cost estimate ranges, specifies grounds for rejection of all bids, and requires 50% guaranty on bids; designated as the Fairness in Bidding Act.
Requires certain public contract bid advertisements to contain certified cost estimate ranges, specifies grounds for rejection of all bids, and requires 50% guaranty on bids; designated as the Fairness in Bidding Act.