Texas Senate Bill SB1229

Texas 2011 - 82nd Regular

• Out of Senate Committee: 4/13/11
• Introduced: 3/7/11
• Voted on by Senate: 4/21/11
• Refer: 3/16/11
• Out of House Committee: 5/5/11
• Voted on by House: 5/13/11
• Governor Action: 5/28/11
• Report Pass: 5/4/11
• Enrolled: 5/16/11
• Passed: 5/28/11

Caption

Relating to the registration with the Texas Department of Insurance of certain contract examiners.

Impact

This legislation significantly impacts the regulation of the insurance industry within Texas, enhancing oversight by ensuring that contract examiners provide detailed information about their activities. By establishing a formal registration process, the bill seeks to create a structured approach for the Department of Insurance to monitor examinations and ensure compliance, thereby potentially improving the reliability of the examination outcomes across state lines.

Summary

SB1229, introduced by Senator Eltife, relates to the registration with the Texas Department of Insurance of certain contract examiners. The bill amends key sections of the Insurance Code to enhance the transparency and accountability of the examination process for insurers domiciled in Texas. It mandates that individuals or entities contracting with other states to perform examinations of such insurers must register with the Texas Department of Insurance and provide pertinent information, including the identity of the insurer under examination and a description of the examination issues.

Contention

One notable point of contention surrounding SB1229 could relate to concerns from various stakeholders about the regulatory burden it may impose on insurers and examiners alike. Opponents might argue that requiring additional registration and documentation could slow down the examination process and add layers of bureaucracy, making compliance more complex and costly for businesses operating in the state. Proponents, on the other hand, would emphasize the benefits of regulatory clarity and enhanced consumer protection in the insurance market.