Tennessee House Bill HB0714

Tennessee 2023-2024 Regular Session

• Introduced: 1/27/23
• Refer: 2/22/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 8; Title 56 and Title 71, relative to insurance.

Impact

The implications of HB 714 could lead to significant adjustments in how insurance is regulated in Tennessee. By amending these titles, the bill could streamline regulations, remove outdated provisions, or introduce new standards aimed at enhancing consumer protection and ensuring a more efficient insurance market. The timing of such legislation may indicate a response to evolving market conditions or consumer needs, which often call for more adaptive regulatory measures.

Summary

House Bill 714 aims to amend several sections of the Tennessee Code Annotated, specifically targeting Title 8, Title 56, and Title 71, which pertain to insurance regulations. This legislative action suggests a reevaluation of current insurance laws, possibly to update or improve the framework governing insurance practices within the state. The bill is likely seeking to address contemporary issues in the insurance sector, although further specifics on the amendments would provide clarity on the intended improvements or changes.

Contention

As with any legislation concerning insurance, HB 714 may face debate among stakeholders. Key points of contention may arise from insurance providers who fear that new regulations could impose additional burdens or limit their operational flexibility. Conversely, consumer advocacy groups may argue for stronger protections or transparency measures to safeguard citizens. The balance between ensuring a competitive marketplace and protecting consumers will likely be a focal point of discussions surrounding the bill.