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Senate approves bill requiring insurers to disclose reasons for declination, adds ESG/DEI reporting requirement
Summary
The Texas Senate passed committee substitute to Senate Bill 1,006 requiring insurers to provide written reasons when they decline, cancel or refuse to renew policies and to report quarterly data to the Texas Department of Insurance; an amendment added a requirement to disclose denials based on ESG or DEI-related scores.
The Senate passed committee substitute to Senate Bill 1,006, requiring insurers to provide written explanations when they decline, cancel or refuse to renew an insurance policy and to report quarterly data by ZIP code to the Texas Department of Insurance.
The bill’s author, Senator Middleton, said the measure “provides much needed transparency to our insurance market for policyholders in Texas.” The measure requires the written statement to specify the precise incident, circumstance or risk factor applicable to the policyholder, identify the source of information the insurer relied on,…
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