TDI Postpones Implementation of Corporate Governance Annual Disclosure

April 09, 2020

By: Burnie Burner

Category: Insurance Regulatory

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The Texas Department of Insurance issued Commissioner's Bulletin # B-0018-20, postponing the filing of the Corporate Governance Annual Disclosure required by H.B. 3300 passed by the Legislature in 2019.

The required disclosure is based on the NAIC Model Bill and is now Chapter 831 of the Insurance Code. The first reports would have been due on June 1, 2020.

The Department is developing rules for the implementation of the disclosure, and we will be monitoring the rule making process.

This waiver only applies to companies subject to the Texas law so companies domiciled in other states or part of group whose lead state regulator is not Texas may be required to make the disclosure.

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