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Subcommittee approves bill to align foreign-investment limits for property and casualty insurers with life insurers
Summary
House Bill 161 passed the Insurance Subcommittee on Feb. 12 to raise the allowable investment in foreign-owned companies for property and casualty insurance companies to 20%, matching the current limit for life insurers, the sponsor said.
The Tennessee House Insurance Subcommittee voted Feb. 12 to advance House Bill 161, which would change state limits on investments by property and casualty insurance companies in foreign-owned companies to match the current 20% allowance for life insurers.
Sponsor Chairman McCallum said the bill creates parity between life insurers — which may invest up to 20% of holdings in foreign-owned companies — and property and casualty insurers, which are currently limited to 1% under state law. He said neighboring states have similar rules and that the bill brings parity between insurer types.
There was no recorded debate or questions that altered the bill language during the subcommittee meeting. On a roll call, Representatives Bob Freeman; Youssef Hakim; Renee Jones; Anssavi Kumar; Kevin Raper; and Chairwoman Esther Hilton Haines voted to advance the bill (6 ayes, 0 nays). The bill will be considered next by the full House Insurance Committee.
As presented at the subcommittee, the measure adjusts statutory investment limits; the sponsor did not present a fiscal note or detailed market impact analysis during the hearing.
