Texas 2019 - 86th Regular

Texas House Bill HB3073

Caption

Relating to a joint interim study regarding the spreading of risk and costs related to certain natural disasters across the state by property and casualty insurance companies.

Impact

The interim committee will comprise members appointed by key state officials, including the lieutenant governor, the speaker of the house, and the governor. This committee is responsible for examining crucial factors such as the overall insured risk in Texas, losses incurred due to localized natural disasters, and their consequential impact on insurance costs and availability. The findings from this study are intended to guide potential legislative changes, particularly regarding the Insurance Code, which could enhance the financial stability of insurance provision in the state.

Summary

House Bill 3073 establishes a joint interim committee tasked with studying the distribution of risk and costs associated with specific natural disasters across Texas, as handled by property and casualty insurance companies. The bill aims to address concerns about the financial implications of localized disasters on the insurance market and how such events affect the availability and cost of insurance in areas not directly impacted by these disasters.

Contention

While the bill is primarily a study measure, there are underlying concerns regarding the implications of its recommendations. Stakeholders in the insurance and property sectors may express differing opinions on how the findings could affect regulatory approaches or market operations. Additionally, the potential statutory changes that could emerge from this study may lead to debates over ensuring adequate coverage in high-risk areas versus the costs of such provisions, especially if regulatory changes tighten the constraints on insurance companies.

Companion Bills

No companion bills found.

Previously Filed As

TX HB2514

Relating to interim studies on real property owned by the state.

TX SB2272

Relating to the operation of the Texas Property and Casualty Insurance Guaranty Association.

TX HB597

Relating to an appraisal procedure for disputed losses under certain property and casualty insurance policies.

TX SB1194

Relating to an appraisal procedure for disputed losses under certain property and casualty insurance policies.

TX HB1074

Relating to construction of certain laws prohibiting discrimination, distinctions, inducements, rebates, and certain other conduct related to property and casualty insurance.

TX HB2665

Relating to an interim study of the municipal regulation of short-term rental properties and residential amenity rental properties.

TX HB377

Relating to establishing a joint select committee to study the feasibility and sustainability of providing a cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas.

TX HB1129

Relating to the creation of a health insurance risk pool for certain health benefit plan enrollees; authorizing an assessment.

TX HB3673

Relating to an exemption for certain life insurance companies regarding the valuation of reserves.

TX HB1900

Relating to notice of cancellation or nonrenewal of a property and casualty insurance policy.

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