5 Texas Annuity Bills to Watch

Lawmakers in Austin, Texas, are now racing to complete work on state-level bills that could affect state residents’ life insurance policies and annuities.

What happens in Texas could leave Texas, and have an impact on residents in other states, because Texas is the biggest Republican-led jurisdiction.

Texas has a population of about 30 million and about $2.4 trillion in gross domestic product. Its GDP is comparable to the GDP of Canada or Italy, according to World Bank estimates.

The state’s Republicans include the governor, an 18-12 majority in the state Senate, an 85-64 majority in the state House and an attorney general who has used the courts to influence national policy.

Some key Texas legislative deadlines are occurring this week, and the state’s regular legislative session is set to end May 29.

Here’s a look at five Texas House and Senate that look as if they could influence retail annuities, or the kinds of cash-value life insurance used in income planning arrangements, and have at least made their way out of committee.

Even if a bill on this list fails to become law, it could emerge as a provision in other bills, or reappear in future legislative sessions.

1. SB 1060

This bill would block insurers and insurer holding companies from adopting political shareholder proposals.

Author: Sen. Bryan Hughes, R-Mineola.

Status: Approved by the Senate 19-12 April 18. The House Insurance Committee voted to recommend it 7-0 May 4.

2. HB 1040

This bill would make it easier for life and annuity issuers and other entities regulated by the Texas Department of Insurance to conduct business electronically.

Author: Rep. Dennis Paul, R-Houston.