My name is Rod Bordelon, and I am appearing on behalf of the Texas Public Policy Foundation (TPPF) testifying in support of House Bill 2017 relating to innovation waivers for insurance laws and regulations.
Regulations can often be burdensome and confusing for new and innovative products or services. Costly legal and compliance expenses often thwart innovations before they begin, especially among smaller businesses. Additionally, some regulations may be outdated and in need of repeal or revision. Innovations in technology are evolving at an ever-increasing
speed, and government regulations cannot hope to keep up. The state of Texas now has over 263,000 regulatory restrictions in the Texas Administrative Code, according to the Mercatus Center at George Mason University. In addition, the Texas Comptroller lists over 800 unique licenses required in Texas, including 53 in the Insurance Code alone. Without a waiver program, many businesses with innovative products or services are unable to begin operations and must often wait years for statutory or regulatory restrictions to be amended or repealed.