Texas HB3999 regulates the transfer and novation of insurance policies from a transferring insurer to an assuming insurer through an insurance.

Texas HB3999 establishes a framework for the transfer and statutory novation of insurance policies from a transferring insurer to an assuming insurer through an insurance business transfer plan. The bill mandates that an independent expert, jointly nominated by the transferring and assuming insurers, be appointed to assist the commissioner and the court in reviewing the plan. The commissioner must review the plan and determine whether it can be submitted to a court for approval.

Texas HB3999 regulates the transfer and novation of insurance policies from a transferring insurer to an assuming insurer through an insurance.

Texas HB3999 establishes a framework for the transfer and statutory novation of insurance policies from a transferring insurer to an assuming insurer through an insurance business transfer plan. The bill mandates that an independent expert, jointly nominated by the transferring and assuming insurers, be appointed to assist the commissioner and the court in reviewing the plan. The commissioner must review the plan and determine whether it can be submitted to a court for approval.