Senate Bill 347

Chairman:Tom Knox

Committee:Insurance

House Sponsor: Howard Maxwell

Senate Sponsor: Ralph Hudgens

SB 347 allows certain types of custom software to be considered an insurance company asset in determining the financial condition of the insurer. The cost of the software system cannot exceed 10% of the insurer’s admitted assets or $7.5 million, whichever is less.

This bill comes to the House Floor under the Open Rule.

Chairman Knox’s Opinion of this Legislation:

This bill addresses the high cost of technology for small insurance companies. This change allows smaller companies to be more competitive, expanding the market and making more insurance products available to the public.