Texas HB4457 allows the insurance commissioner to grant innovation waivers for certain insurance laws, regulations, and requirements.

Texas HB4457 amends the Insurance Code to establish a framework for innovation waivers. The commissioner may grant a waiver for up to 12 months, extendable once for another 12 months, to allow the introduction of innovative insurance products or services. The commissioner must consider several factors before granting a waiver, including whether the waiver would prohibit innovation, if public policy goals can be met by other means, if the waiver increases consumer risk, and if the waiver is in the public interest.

Texas HB4457 allows the insurance commissioner to grant innovation waivers for certain insurance laws, regulations, and requirements.

Texas HB4457 amends the Insurance Code to establish a framework for innovation waivers. The commissioner may grant a waiver for up to 12 months, extendable once for another 12 months, to allow the introduction of innovative insurance products or services. The commissioner must consider several factors before granting a waiver, including whether the waiver would prohibit innovation, if public policy goals can be met by other means, if the waiver increases consumer risk, and if the waiver is in the public interest.