BILL ANALYSIS Senate Research Center C.S.H.B. 2154 82R27374 PMO-D By: Eiland, Torres (Ellis) State Affairs 5/9/2011 Committee Report (Substituted)
BILL ANALYSIS
Senate Research Center C.S.H.B. 2154
82R27374 PMO-D By: Eiland, Torres (Ellis)
State Affairs
5/9/2011
Committee Report (Substituted)
Senate Research Center
C.S.H.B. 2154
82R27374 PMO-D
By: Eiland, Torres (Ellis)
State Affairs
5/9/2011
Committee Report (Substituted)
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT During the 81st Legislature, changes were made to the Insurance Code in response to a Texas Department of Insurance biennial report citing a high number of consumer complaints regarding complex insurance products and the need for additional continuing education requirements. C.S.H.B. 2154 clarifies the changes made by the 81st Legislature. C.S.H.B. 2154 amends current law relating to certain continuing education requirements for agents who sell annuities. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 4004.202(b), Insurance Code, as follows: (b) Requires each agent described by Subsection (a) (relating to this section applying to a resident agent who meets certain requirements) to complete eight hours of continuing education that specifically relates to annuities during the agent's two-year licensing period, rather than four hours of continuing education annually. Deletes existing text requiring the annual period to be based on the agent's license expiration date or another date specified by the commissioner of insurance by rule, and the education requirement under this subsection to be met within that annual period, notwithstanding Section 4004.051(b) (relating to requiring that all continuing education hours be completed before the expiration date of the individual's license). SECTION 2. Effective date: September 1, 2011.
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
During the 81st Legislature, changes were made to the Insurance Code in response to a Texas Department of Insurance biennial report citing a high number of consumer complaints regarding complex insurance products and the need for additional continuing education requirements. C.S.H.B. 2154 clarifies the changes made by the 81st Legislature.
C.S.H.B. 2154 amends current law relating to certain continuing education requirements for agents who sell annuities.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 4004.202(b), Insurance Code, as follows:
(b) Requires each agent described by Subsection (a) (relating to this section applying to a resident agent who meets certain requirements) to complete eight hours of continuing education that specifically relates to annuities during the agent's two-year licensing period, rather than four hours of continuing education annually. Deletes existing text requiring the annual period to be based on the agent's license expiration date or another date specified by the commissioner of insurance by rule, and the education requirement under this subsection to be met within that annual period, notwithstanding Section 4004.051(b) (relating to requiring that all continuing education hours be completed before the expiration date of the individual's license).
SECTION 2. Effective date: September 1, 2011.