Texas panel gives insurers more time to answer regulatory requests
The Texas Senate Business and Commerce Committee heard testimony on S.B. 183 this morning. The bill establishes a more reasonable period of time for private insurance companies to respond to requests from the Texas Department of Insurance. Additionally, it exposes the financial cost of such demands by requiring TDI to disclose the nature of the inquiry and justify how the request is necessary for the public good.
Current law requires companies to respond to data inquiries within 10 days after receipt. Such inquiries require additional personnel hours and resources which contribute to the overall cost of insurance products. Recognizing the cost of even the smallest regulation should give legislators pause when considering how much of a burden state agencies are allowed to place on private companies.
S.B. 183 was unanimously passed out of the committee and placed on the uncontested calendar. Currently, there is no companion bill filed in the House.
