TX
Texas House Bill HB4291

Texas 2009 - 81st Regular

Texas House Bill HB4291

Filed
 
Out of House Committee
4/3/09  
Voted on by House
4/15/09  
Out of Senate Committee
5/13/09  
Voted on by Senate
5/21/09  
Governor Action
6/19/09  
Bill Becomes Law
 
Enrolled
5/23/09  

Caption

Relating to insurance charters and certificates of authority.

Impact

If enacted, this bill is poised to strengthen the regulatory framework surrounding insurance companies operating in Texas. By formalizing the criteria for approving or denying insurance charters, HB4291 aims to enhance consumer protection while ensuring that insurance providers adhere to elevated standards of operational integrity. The bill's provisions also underscore the importance of a transparent and fair hearing process for applicants whose requests are denied, thereby adding a layer of checks and balances within the regulatory system.

Summary

House Bill 4291 seeks to amend the Texas Insurance Code concerning the issuance and management of insurance charters and certificates of authority. The bill outlines the responsibilities of the Texas Department of Insurance regarding the approval, denial, or revocation of such certificates. It emphasizes the need for the department to evaluate the operational history of insurance companies applying for a certificate, ensuring that they do not operate in a manner hazardous to policyholders or the public. Additionally, it incorporates specific provisions related to the hearing processes for denied applications.

Contention

Despite its support, concerns may arise regarding the rigorousness of the approval process and the potential for bureaucratic delays. Stakeholders in the insurance industry may express apprehension about the extensive requirements set forth for certificates of authority, fearing that they may impede the entry of new market players. Additionally, discussions around the balance between regulatory oversight and the need for a competitive insurance market could become points of contention as the bill progresses through the legislative process.

Companion Bills

No companion bills found.

Previously Filed As

TX HB1718

Relating to rural development funds and insurance tax credits for certain investments in those funds; authorizing fees.

TX HB4498

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.

TX SB675

Relating to small business recovery funds and insurance tax credits for certain investments in those funds; imposing a monetary penalty; authorizing fees.

TX SB895

Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.

TX HB1588

Relating to funding of excess losses and operating expenses of the Texas Windstorm Insurance Association; authorizing an assessment; authorizing a surcharge.

TX HB2843

Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.

TX HB2017

Relating to innovation waivers for certain insurance laws, regulations, and requirements; authorizing a fee.

TX SB2340

Relating to innovation waivers for certain insurance laws, regulations, and requirements; authorizing a fee.

TX HB3002

Relating to the authority of certain political subdivisions to issue certificates of obligation.

TX SB344

Relating to the creation of the Texas Health Insurance Exchange and premium assistance and cost-sharing reduction programs; authorizing a fee.

Similar Bills

TX HB2788

Relating to the licensing of captive insurance companies; authorizing fees.

TX SB734

Relating to the licensing of captive insurance companies; authorizing fees and authorizing and imposing taxes.

TX HB3451

Relating to the formation, operation, and authority to engage in business of insurance companies and other entities regulated under the Insurance Code; restructuring or changing fees.

MN HF4407

Consumers in Crisis Protection Act enacted, civil penalties provided, and administrative rulemaking authorized.

MN SF4967

Consumers in Crisis Protection Act

TX HB1944

Relating to captive insurance companies.

TX SB915

Relating to captive insurance companies.

TX HB1595

Relating to litigation financing transactions; authorizing the imposition of a fee.