Texas House Bill HB3460

Texas 2013 - 83rd Regular

Caption

Relating to the requirement that certain information be reported to the Texas Department of Insurance and the confidentiality of that information.

Impact

The passage of HB 3460 is expected to have significant implications on how sensitive information is handled within the insurance sector in Texas. By reinforcing the confidentiality of information reported under the applicable sections, the bill seeks to bolster trust among stakeholders in the insurance industry. It also aims to facilitate smoother communication and data sharing among insurance regulators across states while safeguarding proprietary and sensitive business information.

Summary

House Bill 3460 amends the Insurance Code regarding the requirements for information to be reported to the Texas Department of Insurance. It emphasizes the confidentiality of documents submitted under specific sections of the Insurance Code, thereby enhancing the protection of sensitive information. The legislative changes aim to clarify which documents can be shared and ensure that confidentiality agreements are maintained when documents are exchanged between the department and certain entities, including other state insurance regulators and law enforcement agencies.

Contention

There might be concerns regarding the balance between transparency and confidentiality. While proponents of HB 3460 argue that the enhanced confidentiality provisions are essential for protecting business interests, critics could raise concerns about the potential for reduced oversight or accountability within the insurance industry. The implications of the bill could elicit different responses depending on the stakeholders involved, particularly among consumer advocacy groups who emphasize the importance of transparency in insurance practices.