The Texas legislature has pushed several bills related to the excess and surplus lines industry out of committee, the Surplus Lines Stamping Office announced.
The Senate Business and Commerce Committee voted on April 18 to recommend that Senate Bill 1491, which would allow surplus lines insurers to domicile in the state of Texas, be added to the local and uncontested calendar. This means that the next step for the bill is a vote by the full Senate.
The bill’s companion in the House of Representatives, House Bill 2492, was also voted out of the House Insurance Committee, and will be voted on by the full House. In addition, the House committee voted that House Bill 2491, relating to credit for reinsurance, pass to the full House as well.
House Bill 1559, which creates an exemption in the Insurance Code for industrial insureds, has made the most progress through the legislature this session. The bill has been voted on by the House and sent to the Senate, but it has not yet been referred to a Senate committee. The Senate companion bill, Senate Bill 562, has been passed by the Business and Commerce committee, but has not yet been voted on by the Senate.
Source: Surplus Lines Stamping Office of Texas