Topic: Texas Developments

The Texas Department of Insurance (“TDI”) adopted a new group capital calculation filing requirement that is effective on November 7, 2022.  The new rule, found in 28 Texas Administrative Code   §7.215 (“Section 7.215”), is based on the National Association Insurance Commissioners (“NAIC”) model regulation that requires an insurer’s ultimate control person in an insurance holding company system to file a group capital calculation concurrently with the insurer’s annual registration (Form B).

The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains its authority to regulate credit for reinsurance matters associated with covered agreements, align TDI’s rules with the current approach to regulate reserve financing arrangements for certain life insurance policies, and align TDI’s rules with updates to the National Association of Insurance Commissioners’ (NAIC) accreditation requirements.”

Texas Insurance Commissioner Sullivan has announced his resignation following a three-year tenure at the agency.

In the midst of the Coronavirus outbreak, the Texas Department of Insurance (TDI) has announced that it will not require insurers or HMOs to file a corporate governance annual disclosure this year. 

The Texas Department of Insurance has posted a bulletin announcing the extension of selected filing deadlines and a modification of filing requirements for reporting insurers.