Texas Insurance Regulators Invite Input on Surplus Lines Rules

Texas regulators are seeking comments on new rules related to surplus lines insurance.

The Texas Department of Insurance is considering rules to implement Senate Bill (SB) 697 and 951, and House Bill (HB) 1405 (83rd Texas Legislature, Regular Session); SB 1806 and HB 3410 (82nd Texas Legislature, Regular Session); and updates to the existing rules.

TDI invites comments on rule development and the implementation strategy for these laws, including other matters TDI should address in the rule. This is an informal request for information and not a formal publication for rulemaking.

A stakeholder meeting will be held on March 26 to discuss the implementation of the bills listed above.

TDI is especially interested in stakeholder input relating to:

1. Whether any rules are needed to further clarify requirements related to exempt commercial purchasers.

2. Whether agents planning to use a third party provider to perform its stamping office filing requirements should be required to provide notice to TDI.

3. Whether there are any standards TDI should consider for surplus lines filings to enhance uniformity.

The stakeholder meeting will be held 9:30 a.m. until Noon, Central time, on March 26, 2014, in Room 100 of the Hobby State Office Building, 333 Guadalupe, Austin, Texas 78701.

TDI has arranged for a conference line to all participants to access the meeting remotely. The conference line supports up to 200 callers. To participate telephonically, please call 877-226-9790 at the start of the stakeholder meeting, and use Access Code 9418374.

Source: TDI