This blog updates our April 24, 2009 posting.
The Texas Legislature adjourned last week without passing Senate Bill 1007 or companion House Bill 2203 (the “Bills”) that would have authorized the continued operation of the Texas Department of Insurance (“TDI”). The Bills came in response to a finding by the Sunset Advisory Commission, which is charged with regularly assessing the continued need for state agencies such as the TDI, that Texas had an ongoing need to regulate insurance and had recommended reauthorization of the TDI.
As the Bills did not pass the Texas House and Senate, the TDI will cease to exist on September 2, 2010 unless the governor calls a special session and new legislation is passed. According to industry reports, a special session is likely.